Don't give up on the draft yet! As of now the Wizards still have a 2nd round pick. That is where you find your Gilbert Arenas' and Tony Parkers!
So what can the Wizards do with this pick?
First off, they can trade it. It could be an added piece to make a deal go through. Or they could possibly trade it for a pick in a future draft. Their reasoning behind this would be that this pick won't help them "win now" and could just be pushed back a year or used to help acquire a veteran.
Select The Best Player Available:
The Wizards could decide to take the best player on the draft board, regardless of position. Since the rookie will most likely ride the bench, they won't really be taking up an important roster spot. The player could develop on the bench for a few years until he is needed. The problem with this is they already have 800 guards, would they add another?
Dionte Christmas (SG) Temple, DaJuan Summers (SF) Georgetown, Darren Collison (PG) UCLA
Pick A Much Needed Big Man:
The Wizards look like they will be needing another big man, although probably a veteran. They could draft big in hopes that they get a guy who can put in a few solid minutes per game right away.
Josh Heytvelt (PF) Gonzaga, Jeff Pendergraph (PF) Arizona St
Draft And Stash:
Something the Wiz have done in the past (with Juan Carlos Navarro) is draft an international player's rights and let him play in Europe for a few years. The draft pick most likely won't get playing time, so playing in Europe would allow the guy to develop, without hurting the current team.
Nick Calathes (PG) Signed With Greece out of college
Take A Risk:
Staying in the mindset of the 2nd rounder not playing any minutes, the Wizards could take a chance on a player, picking them ahead of where you would think they would be drafted, or picking them based on potential.
Austin Daye (SF) Gonzaga...6'11" Small Forward
Move On Down:
They could use the pick and some players to get back into the first round where they could pick up a player with a better chance to contribute right away.
Taj Gibson (PF) USC, Dejuan Blair (PF) Pitt, big stretch Tyler Hansbrough (PF) UNC
I just picked some guys that I like for my examples. You can see a whole Mock Draft and get an idea of who may be around over at NBA Draft Net.
Also Bullets Forever goes more into detail about this pick...