They already are building their airforce... and are beginning with transport, and light reconnaisance aircraft...
"The Iraqi air force's 70th Squadron took possession of the first two SAMA CH2000 light air surveillance aircraft, 29 Octover 2004, in Basrah, as the first delivery of an eight - and possibly 16 aircraft - addition to the force. In standing up the balance of the aircraft, the Iraqi air force will receive two CH2000 airplanes per month - deliveries kicking off in December - with final deliveries completing the $5.8 million acquisition at the end of March 2005."
Also looks like they have gotten two C-130B aircraft and are getting UH-1Ns
So, it appears they are going to scrap or sell everything that they have still leftover from the Saddam Regime, and build a whole new airforce. They also bought some recon planes that are a joint austalian/jordanian build.
Hope they can do it right and build a good force... AND
train good pilots. I definitely see some of their pilots attending US or other western schools.