Ron Paul thrashes Rudy

Ron Paul 2,425 11%
Rudy Giuliani 830 4%

after 25% of precincts reporting. Not bad for the Libertarians. Figure from Associated Press via Washington Post.

UPDATE:
Giuliani comes back, threatens to overtake John McCain. Ouch! However, Mike Huckabee with less than 5% of the spending of Mitt Romney, appears to be making the case against "money buys elections."
Iowa Republican Caucuses Results
Candidate Votes * %
Mike Huckabee 14,045 31%
Mitt Romney 10,084 23%
Fred Thompson 5,950 13%
John McCain 5,194 12%
Rudy Giuliani 4,901 11%
Ron Paul 4,379 10%
Duncan Hunter 168 0%
Tom Tancredo 2 0%
Key: * Explainer: What are these votes? | Red Checkmark Winner
Precincts: 41% | Updated: 9:20 PM ET | Source: AP