Al-Hurra and al-Arabiya television are both reporting that Saddam Hussein has been executed, just before 10 pm eastern time. CNN can not independently confirm this. I will update.
Update [2006-12-29 22:26:18 by BooMan]: CNN reports that Iraq state-run television is airing passages from the Koran that are traditionally read following the death of a Muslim.
Update [2006-12-29 22:34:50 by BooMan]: One of Hussein’s lawyers has confirmed that he is dead. Also, Iraq state-run television has also confirmed that Saddam was executed. His half-brother will also be executed, as well as a judge.