Reddit
Let’s do this!
Hiya! This is pretty much my first time, so needles to say I’m pretty excited. I have little experience in game developing, but plenty in programming in general to be able to make some games. 
Language :AS3, everyone loves flash… Right?
Library: Flixel, it makes everything so much easier.
IDE: Flashdevelop, easy and powerful enough
Art: GraphicsGale for simple sprites, GIMP for additional editing.
Sounds: sfxr, what else?
Music: Aviary or Otomata, depending on the kind of game I’ll end up making.
Sadly I have no musical skills, so I’m not sure how I’ll handle this. I’ve heard of Autotracker, but I’ve never used Python, and it seems a hassle to convert to .wav then to .mp3. I guess I can use Wolfram Tones if it’s going to be a retro/8-bit ish game, else I might throw in some royalty free music. Anyone knows if the latter is allowed? If not, I suppose the game has to be so good that it doesn’t need music. 
EDIT: Thanks to Rybicon for sharing Caranha’s blog, it seems I have found a way to create simple music.
Good luck
I think if you do the solo compo then it’s all suppose to be self created, however you can enter the jam compo with others or by yourself and use whatever sounds/graphics assets you legally can use but from the IRC channel I’m also told that it counts way better if you make your own stuff for scoring 
I found this post by caranha that has some cool music programs that also have auto-gen features http://www.ludumdare.com/compo/2012/04/16/some-useful-music-generators/
Holy crap that post is very useful. Thanks for sharing!