I’m in, too!
I heard about the Ludum Dare competition from the gaming community NeoGAF. Making a game in 48 hours sounds like a lot of fun, so I’m in. If this goes well, I’d love to join in future ones. 
I have not 100% decided on my technology yet. I know for sure that I will either use Game Maker (the GML language) or Java + Slick2D + LWJGL.
If I use Game Maker, which I am more familiar with, I will be able to create a more complex game in a short amount of time, maybe even with Internet capability. The drawback: Windows only.
If I use Java and Slick2D, it will take me longer to write the game. I will use code I wrote prior. Some of it is modified Slick2D code, and some of it is basically base code for any game. The source and a readme are provided here:
http://www.esnips.com/doc/2781cd0d-c7f6-47dd-a003-d8fdc9adad36/WWYDTgamebase
This will be Windows + Linux, because for some reason, it can’t run in Mac OS 10.5 (which I tested it on).
Edit: I should probably add that I will use FL Studio for sound effects and music. Maybe sfxr, but it’s sometimes very obvious when a game uses it, so I don’t know. I’m also eyeing Musagi and pxtone. For graphics, I’ll use Photoshop and maybe Flipnote Studio.
Since this is my first Ludum Dare, and I’m not too confident in my skills, I won’t do a time lapse. I may blog about my progress, though.

