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Solid Snake:
Ryan Reinolds
http://pineapplespost.com/images/ryan%20reynolds.jpg
http://ffmedia.ign.com/filmforce/image/article/571/571302/ryan-reynolds-20041206030346352.jpg
http://revolutionmedia.ign.com/revolution/image/article/707/707560/super-smash-bros-brawl-20060510104821602.jpg
I believe he can pull it out.His role in Amytiville Horror showed he can portray both funny but also serious characters.Physically, he's well built, and showed in Blade Trinity he can put up a fight sequence, with some martial arts training, and the outfit, he'll be the perfect Snake.

Grey Fox:
This will require an actor extremely agile, tough some of his movements should be created with CGI and some cables that will be removed in the editing process, the character is strong, fast and got immense acrobatic skills.Even if he is an american soldier, they could change the origin, and choose Donnie Yen from Blade 2.He has high skills in both armed and unarmed combat, and with a cyber armor put up, he'll rock as Grey Fox.
http://us.movies1.yimg.com/movies.yahoo.com/images/hv/photo/movie_pix/new_line_cinema/blade_ii/donnie_yen/blade.jpg
http://www.kungfucinema.com/images/articles/2003-05-27-02j.jpg
http://img178.exs.cx/img178/7679/13er.jpg
http://encyclopedia.quickseek.com/images/Greyx.jpg

Revolver Ocelot
Clint Eastwood, period.Man, he's expert with guns, he portrayed so much western characters he must be Ocelot, look at the eyesight of the action figure and that of Mr. Eastwood.
Gave him long hair, beard and the outfit, a revolver gun, man he'll rock in this movie.
http://upload.wikimedia.org/wikipedia/en/4/48/Clint_eastwood_old.jpg
http://images.amazon.com/images/P/B00005NFSD.01.LZZZZZZZ.jpg

Vulcan Raven
Brock Lesnar.He's big, very BIG.Just some maku up to make his skin darker, and fake tattoos, gave him the vulcan machinegun, you got a force to reckon with.
http://upload.wikimedia.org/wikipedia/en/6/6b/Brocklesnarportrait.jpg
http://image2.ruliweb.com/data/review/2004/03m/ngc/mgst/mgst_019.jpg

Sniper Wolf
Lee Ann Tweeden
http://upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Leeann_Tweeden.jpg/317px-
http://images.quizilla.com/T/TheLegendarySolidSnake/1053719360_gsljsniper.gif
Hot, smokin hot.Gave her training and outfit, change the hair color, she'll rocks.

Mei Ling
http://upload.wikimedia.org/wikipedia/en/1/1e/Gong_Li.jpg
http://upload.wikimedia.org/wikipedia/en/7/7e/MeiLing.JPG
Gong Li got the acting skills and a small role like this can be pull out from her with ease.

Psycho Mantis
Peter Stormare
http://upload.wikimedia.org/wikipedia/en/3/3e/Hamilton.stormare.jpg http://www.gamestar.com/12_04/images/exp_mgs3_02.jpg
He's used to action movies and minor roles, now gave him the chance with Psycho Mantis, I'd love to see him hovering in mid air blasting snake and then get shot and dying in peace.

Otacon/Hal Emmerich
Michael Shanks
http://i5.photobucket.com/albums/y155/suebsg9/7x08sr1.jpghttp://www.gabe-e.com/campbell/images/mgs4/otacon.jpg
He's used to be an intelligence based character and has also the sufficient skill to act in some action sequence.

It's not Mantis, it's the Sorrow.

Very nice cast selection.

Yeah it really is a good cast selection.

I could see Shanks as Otacon. Hell, he's the guy I'd picture to play him.