According to this
official looking website, the military is now readying for a general draft. But wow, they're sure asking some weird questions of draftees. For instance, under the Mental Fitness Pre-Screening section, they want to know if you suffer from "NPR listenerism." But wait a second. You guessed it. It's not really a military website, despite the official-sounding URL they managed to acquire. No, it's just another gimmick to sell some t-shirts. The site is pretty well-designed, however. It had me going for a second or two.
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That having been said, the Bush administration has been floating a few trial balloons to see what the public response to a revived draft would be. Just the other day, an official actually said that a future draft might include women. It didn't get a lot of attention because of all the other stuff in the news, but I think if they were to try that, it would be unfavorably received (to say the least).
That's a trick often used by politicians, though--propose something more far-reaching than what you really want. When the inevitable public outcry happens, you "retreat" to what you actually want, making it look as if you're being "reasonable." Kind of a hoax, huh?