I'd like to switch out one fund I've owned since 2004 for a different fund in a traditional IRA.  When I buy the new fund, does the value of my purchase have to be the amount of my original purchase or can I simply exchange the old fund (which has accrued value) for the new fund?  Thank you.

You can use all the money you have in your IRA.  You can also add any part of what you've already added for 2007 or add any 2008 money you haven't already put in.

Roberta