Of course I'd take Joe Cole - I'd put him in the starting 11 - but I don't think Capello likes him. Bonkers. Anyhow:
GK: James, Hart, Green
DF: Terry, Ferdinand, Cole, Johnson, Carragher, King, Baines, Dawson
MF: Lampard, Gerrard, Barry (/Huddlestone), Parker, Lennon, Cole, Milner, Walcott
ST: Rooney, Crouch, Defoe, Bent
And I'd play as a starting 11: Green/Johnson, Terry, Ferdinand, Cole/ Barry, Lampard/ Lennon, Gerrard, Cole/ Rooney (ie both Rooney and Gerrard in the roles that they play for their clubs).
If Capello sticks with Rooney as a support striker, England to exit at the QF. If he lets Gerrard and Rooney play in their best positions, with fast wingers, then we might make the final... (but we'd lose to either Brazil or Spain).