Hobbs is OK, Arbeloa is OK. We clearly can't afford wages / transfer fees to get anyone recognised quality in a single wing position, so I would say expecting to have cover for two cb's out without scraping the barrel a little is unrealistic. Man U have just got rid of their 4th choice cover (Silvestre) after Ferdinand, Vidic and Brown. Chelsea are supposedly losing theirs (Ivanovic) after Terry, Carvalleo and Alex. Arsenal have only just brought in a third choice. We are the only team with four good names in that position.
Hobbs is not ok and neither is Arbeloa at cb, surely you could see that when they had to play there last season?
Im not sure what you're talking about regarding us not having money to sign a winger. Rafa said last week that we've got the money available to sign another decent player (and we'll have more if and when Pennant and Voronin go), if we don't sign a winger it isn't because of a lack of money but a lack of top wingers.
The only reason why we should sell Hyypia is if we desperately needed the money (and £2.5m isn't going to make much of a difference) and it doesn't look like we do.