Wordpress 3.0.2 security update ...
wordpress.org
wordpress.org
Given their prioritization of ease-of-use over security, why would anyone want to run your own WP install, instead of wordpress.com or jekyll (static site) + disqus?
(I use Wordpress all over the place, including for the marketing site for my new product. It saved at least a week versus having the marketing site also served out of Rails, and decoupling them made my designer's life much easier.)
Spider the site to populate the cache files.
Copy them to a public web directory.
The internal links might not work right out of the box, but I'm sure you could massage them into shape.