93 days until the official start of basketball practice (October 17, 2008)
17.5.2 Preseason Practice -- On-Court Practice.

A member institution shall not commence on-court preseason basketball practice sessions prior to 7 p.m. on the Friday nearest October 15 (see Figure 17-2). (Revised: 4/28/05 effective 8/1/05)

Countdown computer to first practice

121 days until first allowable Division I competition - - November 17, 2008

17.5.3 First Contest.

A member institution shall not play its first contest (game or scrimmage) with outside competition in basketball prior to the second Friday of November (see Figure 17-2).
Countdown computer to first competition allowed

If I'm reading the rules correctly, we can also play some exhibition games against non-Division I competition on our home court after October 31. Link to rule.

Please let me know if any of the above is incorrect.