I most definitely shall be participating in this!
Here is the state of my stash upon beginning:http://i92.photobucket.com/albums/l35/carroline__/P7030063.jpg
And obligatory informations that I feel the need to provide about it:
1. Along with this, I also have a 500g ball of blue cotton and a 1000g ball of aran...stuff. The aran...stuff has plans for it, so I don't know if that's really stash-bust-able.
2. I won't be able to REALLY get a good start on this until I finish my mum's gift of a HP sweater. I do like the idea of occasionally taking breaks from it though, as I just finished an identical one for myself and stockinette is slowly eating my brain cells.
3. This yarn stash contains mostly full balls. The two primary reasons are that I ventured into fair-isle and colorwork very early (e.g. all of my inital projects) and on smaller projects that leaves lots of extra yarn. Also, when I didn't understand gauge, I ended up buying the wrong yarn frequenty but insisted there was a use for it.
So yes! That is the status. I will be using stash-busting primarily for Christmas gifts.