First time was really fun, so taking part again would be twice as fun!
I was going to use FlashDevelop with Actionscript 3 and AIR framework, but I need more practice before I can rapidly create games with it.
So instead, I am going to use:
Hand drawn graphics using Systemax PaintTool SAI, animated with SmithMicro Anime Studio 8,
music and sound effects using Fruity Loops, possibly with using freeware instrument samples to compose simple tracks, plus original sound effects and voice (if necessary)
GameMaker HTML5 for overall development using my game codebase.
Windows version will be surely available and HTML5 as well -if there are no annoying performance issues and code compatibility problems.
My codebase is nearly fully polished & will be posted before the compo begins.
To play my first Ludum Dare entry, go here: http://www.ludumdare.com/compo/ludum-dare-21/?action=preview&uid=5234