1. Andrea Bargnani, Forward, Italy
2. LaMarcus Aldridge, Forward, Texas (to Portland)
3. Adam Morrison, Forward, Gonzaga
4. Tyrus Thomas, Forward, Louisiana State (to Chicago)
5. Shelden Williams, Forward, Duke
6. Brandon Roy, Guard, Washington (to Portland)
7. Randy Foye, Guard, Villanova (to Minnesota via Portland)
8. Rudy Gay, Forward, Connecticut
9. Patrick O'Bryant, Center, Bradley
10. Saer Sene, Forward, Senegal
11. J.J. Redick, Guard, Duke
12 Hilton Armstrong, Center, Connecticut
13 Thabo Sefolosha, Guard, Switzerland (to Chicago)
14 Ronnie Brewer, Guard, Arkansas
15 Cedric Simmons, Forward, North Carolina State
16 Rodney Carney, Forward, Memphis (to Philadelphia)
17 Shawne Williams, Forward, Memphis
18 Oleksiy Pecherov, Center, Ukraine
19 Quincy Douby, Guard, Rutgers
20 Renaldo Balkman, Forward, South Carolina
21 Rajon Rondo, Guard, Kentucky (to Boston)
22 Marcus Williams, Guard, Connecticut
I can't stop laughing at New York picking Balkman at 20 when they desperately needed a point guard.
Shelden Williams at 5 is a laugher as well. Everyone knew on draft day that he would be a bust at #5. And Adam Morrison at #3! 
In the interest of boredom at work and having some time on my hands, here is my reorder of that top 22, stopping at the first 22 players picked, which is an awful draft, probably only behind 2000 and 1986. I may be missing a class or two, but wow, what an awful draft.
1. LaMarcus Aldridge, Forward, Texas (to Portland)
2. Rajon Rondo, Guard, Kentucky (to Boston)
3. Rudy Gay, Forward, Connecticut
4. Andrea Bargnani, Forward, Italy
5. Brandon Roy, Guard, Washington (to Portland)
6. Thabo Sefolosha, Guard, Switzerland (to Chicago)
7. J.J. Redick, Guard, Duke
8. Ronnie Brewer, Guard, Arkansas
9. Randy Foye, Guard, Villanova (to Minnesota via Portland)
10. Tyrus Thomas, Forward, Louisiana State (to Chicago)
11. Rodney Carney, Forward, Memphis (to Philadelphia)
12. Hilton Armstrong, Center, Connecticut
13. Renaldo Balkman, Forward, South Carolina
14. Marcus Williams, Guard, Connecticut
15. Shawne Williams, Forward, Memphis
16. Shelden Williams, Forward, Duke
17. Adam Morrison, Forward, Gonzaga
18. Quincy Douby, Guard, Rutgers
19. Oleksiy Pecherov, Center, Ukraine
20. Patrick O'Bryant, Center, Bradley
21. Cedric Simmons, Forward, North Carolina State
22. Fab Melo, err, I mean, Saer Sene, Forward, Senegal
It gets mediocre at #6 and pretty bad at #12. Of course, Kyle Lowry and Paul Millsap, who were drafted later, easily crack the top 7 here if they were included in my rankings.
Jordan Farmer, Shannon Brown, Daniel Gibson, and a few other decent little guys were picked later on too.