Top 10 things to use the money for, once you stop paying maintenance.

10. Reducing the backlog at internal support. This doesn’t take much money, of course, since you’re already saving the hours your people had been on hold waiting for the software company to answer.

9. First-Aid. You know all those open, raw spots in your current installation, the ones you hoped would be fixed by the latest version, if you could ever get it installed? Take charge and fix them, ’cause now your former supplier ain’t gonna do it. You’d be surprised what rudimentary first-aid tools can do: a few user exits, a virtual machine for low-profile Java apps that the exits talk to, a little user training, a few reports. You’ll get people back to the front in no time.

8. Raises. You know life just got easier. But that doesn’t mean that you shouldn’t use some of the money to reward your staff for all the effort they put out over the years dealing deal with your former supplier.

7. Shutting down the patch testing environment. Of course, once you do that, you have even more money, so…

6. Buy something you couldn’t afford. Go on, live a little. Here are some suggestions…

5. Invest in mobile. Every one of your executives wants cool stuff on their iPhone (or an iPhone if they don’t have it). Make yourself a star. Give it to them. They’ll go to their graves believing that IT support improved on the day you stopped paying maintenance.

4. Invest in the cloud. Face it. With the end of enterprise support, you don’t have an excuse not to do development that you can’t afford to do. So start by reducing the cost of development. With EC2 or or Rackspace, you can suddenly start doing it right, that is light and cheap.

3. Don’t invest in social networking. But do take the shackles off. Spend a little, tiny bit of money encouraging people to figure out what they ought to be doing with these new tools (if anything). And maybe use some of the tools to help everybody keep track of the efforts.

2. Return some of the money to the CFO. He or she has been walking around the halls looking for some spare change. Now you can reach in your pocket, pull something out, and feel good for the rest of the afternoon.

1. Hold a check-burning party. Write out 10 of those big checks made out to whoever it is, go out to the parking lot, and reduce them to their constituent elements. Hint: bring some beer.

Got your own suggestions about what to do with the money? Add some comments here.