I am going to be pulling the engine and transmission from the srt-4 wreck this weekend. It will be stored for a few years while I complete the locost it's going into. The engine is currently running. I plan to change the oil, fill the engine with fresh coolant and cap the radiator hoses.
I remember helping my wrenching mentor mothball an old aircooled VW engine when I was a kid. He started it up and poured marvel mystery oil down the carb making an impressive smoke cloud. I can't do that since this is a turbo engine, but I will pull the plugs and squirt some oil in to the cylinders.
Anything else I should do?
Go to a boat supply place and get a can of fogging oil. Fog the pistons and carb.
drain ALL fuels... including all the injectors.
I'm not sure you need to fill the engine with coolant.
What I've done to engines I've had to let sit.... wrap them in a tight STRONG plastic bag - I add a small cloth bag filled with a pound of uncooked rice... this works as a desiccant.
Using rags, or paper towels, or tape close all openings(and exhaust) in the engine.
Fill with coolant will keep crap out and keep the alum from coroding (white powder), fogging oil works wonders. As does marvel if you can't fog
In reply to oldeskewltoy:
I like the desiccant idea! I'm going to have to use that.
I'd better tape a big note to the engine: "REMOVE RICE BEFORE STARTING" 
I wouldn't drain the oil out... But I would spray everything down with oil and wrap it up in plastic.
Then I personally would stick it in my walk in humidor.
Wait I don't have one of those. I guess I wld stick it in my office (the driest warmest area in the shop)
Warning...answer to a question not asked below.
Take a video of it running well, not smoking, etc. before you pull it. At least that way, if your plans change, you can show someone that it actually did use to run. couple that with the measures you'll take to keep it in good shape, you can probably get some money out of it.
Looking for a good used engine on CL has me with people wanting a mint for an engine that I can hear run or a mint-minus-$50 for an engine that "ran when I pulled it and set it under that pine tree 2 years ago"
Also stuff clean rags in exhusat ports and intake ports covered with tape. More likely to keep out those dam critters that crawl in any hole.
There is a company that sell Desicant Plugs to replace spark plugs...i recall they were out of NJ but i don't get Hemmings anymore...
Assuming you are leaving the turbo on, then also leave enough exhaust manifold and pipe that you can cut it clean and insert an expanding rubber plumbing plug. Sometimes you can use one on the intake as well.
For the cooling system leave at least some of each of the hoses attached to the engine and insert frost plugs. Golf "T"s work for vacuum and fuel.
Biggest issue is the valves that are left hanging open. These allow moisture to migrate up the intake and or exhaust ports. The machined part of the valve stem is exposed and will not tolerate a lot of rust before it hangs up in the guide.
Fog it with something that will stick. Make sure you tape off the ports. If you want to get real fussy, make a blanking plate that bolts over the intake and exhaust ports and toss some desiccant in each port.
Oh, and store it somewhere dry.
I picked up some fogging oil at NAPA. What's the best way to introduce it into a turbo engine, vacuum port? I'm not spraying it into the turbine! I will be storing the engine in my finished garage. I can turn it over by hand every so often to rotate which valves are open. I will plug off all openings with tape.
Good thinking on the video Clem. I can also watch it every so often to keep myself motivated.
Turning over the engine defeats the fogging oil. Not a big fan of the stuff anyhow.
Tape it shut to keep moisture and mice out. I've stored engines for decades this way, dry.
I drove it for the last time this weekend. That SRT engine pulls like crazy! 
I fogged it, changed the oil and taped up all the openings for its long winter nap.
take it out, plug the holes with duct tape and/or plastic and/or rags, push it under the work bench... it will be good for a long, long time without anything more than this being done as long as you don't let it sit in the rain or pile gravel on top of it...
Fill up the coolant passages with UNDILUTED antifreeze. That way you will get the maximum corrosion protection.
WD-40 can be used to protect things if it isn't being stored for a long period of time and/or if the environment is not very humid. I wouldn't trust it for more than a month or so.
Summit Racing sells plastic "engine bags" that are specifically made for storing engines in.
I would not stick rags in the openings... mice will eat their way through. Use steelwool. They can't gnaw on the stuff
In reply to mad_machine:
Couldn't steel wool cause chunks of steel to potentially fall into the cylinders?
I use cheap dryer sheets for winter mothballing of my non winter car, one in the intake, tailpipe, fuse panel, tasty looking section of wiring harness, all over the interior, a couple in the manifold area under the air clear, its parked uncovered in a yard with two sides adjacent to a hayfield and I have seen no evidence of mice.
I went with bright blue duct tape over the openings. Harder to forget to remove it!
Kenny_McCormic wrote:
In reply to mad_machine:
Couldn't steel wool cause chunks of steel to potentially fall into the cylinders?
I use cheap dryer sheets for winter mothballing of my non winter car, one in the intake, tailpipe, fuse panel, tasty looking section of wiring harness, all over the interior, a couple in the manifold area under the air clear, its parked uncovered in a yard with two sides adjacent to a hayfield and I have seen no evidence of mice.
we tried using dryer sheets in a friends Mustang over the winter one time... the mice made a glorious nest out of them in the spare tire well, but the sheets did mostly cover the smell of the mouse E36 M3...
To keep the majority of the corrosion off my marine engines I spray them down with a light layer of white lithium grease for storage. For car engines I plug the openings and leave them nasty and greasy on the outside. Clean metals corrode, greasy ones don't and the lithium stays put for a long time.
