Source code was rumored to be released yesterday, right?
The source code was released last Monday. People are already building ROMs. Cyanogen said there'll be a stable CM9 ROM in about 2 months. Probably be beta versions within a month and nightlies within a couple of weeks. But that's CyanogenMod.
I would estimate there will be bare-bones AOSP ROMs with everything working for a few devices within 4-5 days.
There will not be an official CyanogenMod ROM for the OG Droid. It didn't make the cut hardware wise. Other devs are looking into building an ICS ROM for it though. ETA's on that, fuck knows.