See earlier post about USMC taking the area round the Palestine Hotel.

The BBC is now showing Iraqis fastening a large noose around the huge statue's neck in the park, and they're about to do to him what was done to Stalin's statues in Moscow.

UPDATE : as this other post said, people are also really waling away at the plinth with sledgehammers. Sure, the USMC could take it down with just one shot from an Abrams, but it's important that Iraqis be given a chance to do this for themselves. One works till exhaustion, then another takes over.
I was at the Kill when die Mauer (the Berlin Wall) came down, and still have my hammer and chisel. I know how they feel. GOOD ON YOU, BLOKES!
(Sorry, lost my objectivity there)

UPDATE : To complete the archetype, an M-88 recovery vehicle has now pulled up to give them the final help they need. CBS Webcam view.

UPDATE : The rope broke, but that's not going to save him : the Iraqis are now attaching a chain from the M-88 to his neck. The M-88 recovery vehicle is used to "recover" tanks, by pulling them out of combat using those chains, so a mere statue should be no problem. Technical superiority.

UPDATE : Combat is still going, a large building opposite the Palestine hotel is now burning and under fire. The crowds taking down the statue are oblivious to the fact that there's a battle going on. The M-88 has just raised its recovery boom.

UPDATE : The statue now has an execution hood on it - a US Flag. Nah, they've taken it off, let the Iraqis get a good look at him as he goes down. They're now getting an Iraqi flag, and the crowd continues to grow as word gets out.

UPDATE : He's down... and the crowd goes Wild!