My Current Royal Rumble Card
Edge (c) vs. John Cena for the WWE World Title with Special Guest Referee Ric Flair
I'd have Flair 'screw' Cena, turning heel and giving Cena a feud to enter into that moves him away from the World Title scene. As Flair is known for, he can make anyone 'over' as a face.
Kurt Angle (c) vs. Mark Henry vs. Rey Mysterio for the World Title
You need a babyface in there, and presently Mysterio's the only one at the right level to do it. Plus he and Angle could do the bulk of the work, with Rey able to sell Henry's power moves.
Trish Stratus (c) vs. Mickie James vs. Ashley vs. Victoria for the Women's Title
Logical choice here. All of them are solid workers (admittedly Ashley is raw)
Carlito & Chris Masters vs. Kane & Big Show (c) for the World Tag Titles
Get the belts onto Carlito & Masters, freeing up two ready-made main eventers and giving the younger pair time to develop.
JBL vs. The Boogeyman
I'd want JBL to go over here or maybe lose by countout, and have Boogeyman and he continue to feud for a while
Cruiserweight Gauntlet featuring Paul London, Super Crazy, Jamie Noble, Psicosis, Brian Kendrick, Funaki, and Nunzio for the vacant Cruiserweight Title
Some kind of 'gimmick' match that will get the strap onto a fit champion. Personally I'd go with Jamie Noble.
Royal Rumble Match
RAW
1. Shawn Michaels
2. Triple H
3. Kane
4. Shelton Benjamin
5. Chavo Guerrero
6. Big Show
7. Carlito
8. Chris Masters
9. Ric Flair
10. Viscera
11. Trevor Murdoch
12. Matt Striker
13. Rob Van Damn (Returning)
14. Gregory Helms
15. Tyson Tomko
SMACKDOWN
1. Bobby Lashley
2. Chris Benoit
3. JBL
4. Joey Mercury
5. Jonny Nitro
6. Paul London
7. Nunzio
8. Heidenreich
9. Randy Orton
10. The Undertaker
11. Hardcore Holly
12. Simon Dean
13. Matt Hardy
14. Orlando Jordan
15. Paul Birchall
Obviously you'd be aiming for a babyface winner, seeing as the two champions are heels and shouldn't drop the belts so early. So, you've got Shawn Michaels, Kane, The Big Show, Carlito (sort of), and RVD from Raw who could main event (Carlito's debateable). From Smackdown you've got Chris Benoit, The Undertaker, Matt Hardy, and potentially JBL (since he wouldn't make a terrible face). There's also the potential for Randy Orton.