Following on from ZexyZahid's comment about the squad I guess the obvious choices are
1. Strauss
2. Trescothick
3. Vaughan
4. Bell
5. Pietersen
6. Flintoff
7. G. Jones
8. Giles
9. Hoggard
10. Harmison
11. S. Jones
Then probably I would expect to see go
12. Collingwood
13. Tremlett
Other players
14. Batty or maybe Swann as the extra spinner
Backup keeper
15. Read, maybe Prior
Batsmen
16. Joyce, Key, Shah, Butcher (Personally I would like to see Butcher go but then I would give Shah a chance)
Bowlers
17. Andersen, Lewis, Ali??
I'm not sure exactly how many they will take, I think one player who is definetly in with a shout is Blackwell, definetly for the one dayers and his spin seems to be improving every month so he wouldn't be a bad backup spinner which would also strengthen the batting.
I'd also like to see them give a really young kid a chance, give them some test experience early and it could really set them up for the future, someone like James Hildreth from Somerset.