Update at 11:05 a.m. ET: Egyptian President Hosni Mubarak has resigne.d (sic) Vice President Omar Suleiman said in a brief televised statement. His statement in full: "Hosni Mubarak has waived the office of presidency and told the army to run the affairs of the country. "
UPDATE: Per MSNBC
Middle East channel Al Arabiya reports that the Higher Military Council, which has taken control from Hosni Mubarak, will fire Mubarak's Cabinet, suspend both houses of Parliament and rule with the head of the supreme constitutional court.
Reuters is quoting a military source as saying Defense Minister Mohamed Hussein Tantawi will be the head of the ruling military council.