My employment will be terminated soon after 25 years. I am 48 and plan to cash out my 401k. I have about $32000 in my account. Can anyone here tell me how much I should expect to walk away with after Taxes and penalties are applied ?

Why would you do this? You are going to lose a significant portion. The plan will withhold 20% for federal tax. When you file your 2009 taxes, you will need to pay an additional 10%. Local taxes may also take their cut and your actual federal liability will depend on your total income for the year. You could wind up losing 40-50%. Really not a good idea.