StimulusWatch.org is a volunteer-compiled wiki that lists all of the proposed "shovel-ready" projects that each city has proposed. The American Recovery and Reinvestment Act, as the stimulus package is officially called, won't directly fund any of these projects, but if passed will allocate the money necessary to enable some of these.
The clear leader among Austin's proposed projects, both in terms of the number of people that it would employ and its total cost, is Cap Metro's Phase II Expansion of the MetroRail Red Line, which weighs in at a hefty $190 million and involves nearly 6,000 people. Other heavyweight proposals include the Waller Creek Tunnel Project (1836 jobs, $127M), a "Public Safety Training Facility" (198 jobs, $25M), and assorted classroom technology upgrades for AISD (40 jobs, $20M). All told, over $1 billion in projects were proposed by Austin.
You can view Austin's full list here, as well as add your own comments or votes as to which projects are worth funding.

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I'm hoping that one day Ben White /35, Ben White / Mopac and The Y in Oak Hill will be finished. Sadly, didn't see any of these projects listed.
TXDOT must really hate South Austin ;)
All projects will be quite beneficial to Austin whether it's Capital Metro's expansion, aiding with mass transportation, or upgrades for Austin Independent School District. Glad to see the cleaning up of our city is on the horizon.
-Amplify: http://www.goamplify.com