A new Pope has been elected! White smoke began pouring from the chimney over the Sistine Chapel a little while ago, and the Vatican's bell is ringing. I'm watching MSNBC live, and you can clearly hear that other bells throughout Rome have begun ringing as well. St. Peter's Square has thousands of people in it!
Update... 12:48 EDT: Josephus Cardinal Ratzinger has been elected Pope, and has taken the name Benedict XVI.