NFL.com is reporting that Judge Nelson has ruled in favor of the players in the now infamous Brady et al v. NFL case. The NFL is asking for a stay of the lockout pending an appeal, but for the moment, the lockout is over. If the stay isn't granted by Judge Nelson, teams may be able to trade players for picks, and free agency could open up. I'm still reading up on the issue, but that's the way I understand the current situation.
The biggest result of the lockout being lifted would, no doubt, be with the ability to move up and down in the draft later this week. For those of you who are curious here's a link to the NFL.com post on the matter as it's developing. If free agency does open up we have the potential to see a massive amount of FA chaos.
Free agents would likely sign with teams as fast as possible to avoid being locked out again with no contract. Teams would be equally as anxious to sign players. Teams that have mostly completed rosters would have a massive advantage over teams without mostly completed roster, especially if the lockout is reinstated at a later date.