I wouldnt mind Lennon, but I thought that he had already made it clear that he had no intention of joining Liverpool. Its not just a question of money, its also a question of whether or not the person is a realistic target, willing to leave their current club and willing to come to Liverpool.
You're right about the need for new players (I would also add another RB to that), and definately right about the need to remove dead wood and bring in English players (something which may turn out to be vital).
Babel...I just dont like the guy. He's quick definately, but just runs and then gets tackled. Aside from that, it really did rile me when he said he was as good as Thierry Henry. That just made me burst out laughing.
Riera has his games, sometimes he can be brilliant, but other times he just doesnt show up.