Let me see who I think would possibly run.

Republican:
Sen. John McCain: He ran in 2000 and was a good candidate with great ideas. Though, his maverick views were "too much" for the "modern conservative"

Rudy Giuliani: He may run, but he's too liberal a Republican, though that may be good to pick up Democrats to vote for him, but it may cost him a good portion of Republicans.

Sen. Bill Frist: Current Senate Majority Leader, he said he's sure to run in 2008. A former doctor, like Dean Howard, may work to his advantage in the Health Care department.

Some other possibilities:
Gov. Jeb Bush (unlikely), Sen. George Allen, Gov. George Pataki, Gov. Mitt Romney, Sen. Chuck Hagel, Colin Powell (unlikely), Gov. Arnold Schwartzenegger (unlikely), VP Dick Cheney (unlikely) and some others.

Democrat:
Sen. John Edwards: Yes, he can run again, and possibly even make the ticket because he has southern charm, which John Kerry lacks.

Sen. Hillary Clinton: As much as I hate her, she has star power because she has Clinton as a name, and would be the first female to run as President.

Gov. Howard Dean: He's energetic, can get the youth vote, and is pretty Internet-wise, as he earned hard cash through the web. Also, he's a former doctor, so he do good with the Health Care.

Other possibilities:
Sen. Joe Lieberman (unlikely), Al Gore (unlikely), Gov. Tom Vilsack, Gov. Mark Warner, House Minority Leader Nancy Pelosi, Sen. Bill Richardson, and some others.

It's also possible that Jesse Ventura may run as a third party.