My situation:

I am a citizen of India.
Student on F1 Visa from Aug 2005 to Dec 2006.
On OPT from Jan 08 '2007 to Sep 19 '2007.
On H1B since then.

I got married on Dec 13th '2007 and want to File as Married Filing Jointly.
My wife came to US with me on H4 visa and will apply for ITIN along with my tax return this year, so that we can use the "Married filing Jointly" status filing.

Can I file as Married Filing Jointly?

You can file jointly with your wife and you both CHOSE to be treated as resident aliens. This will allow you to claim the $10,700 joint standard deduction plus two $3,400 personal exemption (for yourself and your wife).

The downside is that:
• you must WAIT to meet the Substantial Test before you can file, which means you must wait until about 27 May 2008.
• you must declare ALL 2007 world-wide income. There are two offsets available, by either claiming a Foreign Tax Credit (Form 1116) or a Foreign Income Exclusion (Form 2555).

Even with the downside, this is probably the best way for you to file.