Hey guys. Just reading this i remember when i was in a similar situation.
Basically, i think if you're an engineer, Teacher or in the IT profession, then you stand more chance of getting a job.
In terms of IT, it really does depend on what you do in IT, because IT is very generic. For example, if you do UNIX, or SAP stuff, then already there's things there waiting, but if you're a helpdesk person, or a webpage writer, then you'll have to either look really hard, or speak Spanish well.
I was lucky because I use to be an IT Project Manager in ERP and database systems, so i landed a job at IBM here in Madrid (current job). Have a look at their website, because there are loads of English speaking jobs here.
www.ibm.co.uk or .es
To put it bluntly... Speak Spanish!
if im allowed to place a link then..
www.infojobs.net .. if not, then you wont see that link because Madridman has taken it out.
Need any more advise on IT in Madrid, then mail me.
Simon