They'll make the playoffs if they can stay healthy. But make noise in the playoffs.... Nope!
Arenas- has barely played in 2 seasons
Jamison- Getting old
Griffin- Will be a Rookie, so who knows really what impact he'll have early in his career.
As for them being "likely" to pick 1st overall. I doubt it. For some reason the worst team rarely ends up with the 1st pick overall.