My plan is to go running in 20 minutes, come home, then start releasin' some semi-complete and complete code for whoever feels like it to critize, analyze, fix, complete, whatever. Most the code will be licensed under the LGPL, with the exception of BML, which is already released under the GPL ... BML hasn't been released in ages, and quite a lot has been changed around. After releasing BML, I also plan to start documenting it a lot better.
Note that I won't be releasing cgi-bin/*, htdocs/* ... just sections from random spots that I think will be useful to others also, and that I feel people could start helping with already.
Don't think that what I release tonight is the end of the code. In the future I'll release more and more of LiveJournal, but there are still a lot of licensing questions in my mind, and I need to research that more.