In the Cordero thread, ken asked one of the "gatekeepers" to update the payroll spreadsheet on the Wiki. I've got the info set up with the current 40 man roster.
The Reds currently have 13 guys under contract for '08; if you add in Cormier's buyout (which I don't think they owe, considering he retired), they're obligated for just under $60M for '08; add in Cordero, and it's up to $71.15M for 14 players. Two guys (Phillips and Cantu) appear to be arb eligible; I'd think no more than $4M for those guys. The final 9 slots total $3.5M, so right now it appears the payroll will be about $78.5M if no other moves are made.
In other words, if they can trade a salary or two (Freel/Ross/AGon/Hatte), they could add a decent starting pitcher via trade this year and still be about $85M; with Bruce taking Jr.'s spot in '09, the expected arrival of Stubbs and Cueto, and some other contracts expiring, there should be a decent amount of money left going forward, too.
I can email the updated Excel file to one of the gatekeepers (or the keymaster, if needbe). Also, if anyone knows where I can find who's arb eligible (or service time), please let me know - E$PN, Sportsline, and BBRef don't have it (or aren't clear).