Years ago I designed an Excel spreadsheet to help automate our live auction draft. The last couple of years we've done an online draft and haven't needed it. This year we're getting together live again so I dusted it off and updated the player list for 2008. It keeps track of positions left to draft, salary cap spent and remaining, and builds the roster for each team.
It's customizable for league name, team names, number of teams in the league (up to 13), and salary cap. Right now it can only keep track of standard team setups - 23 players on each team with standard positions of 2 C, 1B, 2B, 3B, SS, MI, CI, 5 OF, and 9 P and 1 UT (or DH in AL leagues). it allows you to bring a player up for bid, keep track of the bidding, and add that player to a team's roster. It's great if you project it on a wall or run it through your TV. It's not all things to all people but it can help you keep track of everything during a busy draft and let everyone see what's going on.
If you'd like to use it to run your draft (it could be used for straight drafts, just don't use the salary feature), send me a PM with your email address and whether you want the NL only, AL only, or combined league version.