There's been a lot of Buzz about Fred Thompson getting into the race, and some have been talking him up as Reagan reincarnate (though I think that a stretch). I think that he's got a very big skeleton in his closet, though, that he'd have to exorcise to have a chance:

Thompson was one of only four Republican senators to endorse McCain’s 2000 presidential campaign and was an important ally in McCain’s effort to pass campaign-finance reform in 2002.

Emphasis mine. I think that that he'll have to repudiate this to get much traction. He could simply say that he now realizes that the legislation, while well meaning, was wrongheaded and counterproductive, and unconstitutional, and that he wouldn't support any future efforts, and would in fact support its repeal. It would piss off McCain, but that doesn't cost him much if he's running against him anyway.

The 2002 campaign reform may be "wrongheaded and counterproductive, and unconstitutional" but I don't believe it's unpopular with the average voter (who knows little about it but thinks "reform" sounds like a good thing). I doubt it would affect Thompson's electability.

And of course, Thompson commanded a carrier battle group during the hunt for Red October. :-)

I doubt it would affect Thompson's electability.

You confuse "electability" with "nominatability."

So will Matt Sanchez endorse him?