Looks like Actiontec's long-awaited Skype Internet Phone Wizard">Skype-enabled Internet Phone Wizard is available. I literally just received this email:
The email says "Actiontec Electronics introduces the Internet Phone Wizard", but I believe this product was announced last month. Maybe they mean it's now officially launched and available for purchase. Anyway, I have an eval unit on order and I'll review it here as soon as I can.
In the meantime, here's an overview from their website:
Put the telephone back in Internet telephony! The Actiontec Internet Phone Wizard combines the best of both worlds – the ease and convenience of your regular phone and the zero cost of Internet calls. Until now, you had to sit in front of your computer and wear uncomfortable headsets to make Internet calls. Or you had to choose between completely separate user experiences between using a regular phone or Internet phone. The Internet Phone Wizard with Skype makes all of these problems a thing of the past. Simply connect your computer to the Internet, pick up your phone,and begin dialing as you’ve always done - without any worry of a huge phone bill. The Internet Phone Wizard with Skype makes it easy and fun to call any Skype user in the world for free, and everyone else at low SkypeOut rates. 
Key Benefits
Making Internet phone calls is free and easy, but it is just too cumbersome to wear strange headsets and sit in front of your computer to talk. This is just the problem the Actiontec Internet Phone Wizard solves. Instead of being restricted to unwieldy headsets or small microphones in front of the computer, now you can make Internet calls from anywhere with a cordless or regular phone. You’ll still be using the Skype service and an Internet connection for these calls, the only difference is that everything will be channeled through the phone instead of the computer speakers. Additionally, these Internet calls come with superior sound quality and convenience. They sound as good as regular calls with the Internet Phone Wizard’s echo-cancellation technology and excellent voice quality.
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Just picked one from amazon for $40 with Skype driver included and works great!
http://www.amazon.com/exec/obidos/tg/stores/detail/-/electronics/B00006B7AA/104-1750253-0615948
I don't know if I would agree with them that this is "the first solution that allows the same phone to be used for both regular and Internet calls".
I've been collecting links to Skype related products, add-ons and communities for some time at http://www.summitcircle.com/
So far I've found a multitude of products with the same features, such as the GW90 by IPMate, the rapidBox by rapidVoip, USB1050 by NOBEL, Skype USB to RJ11 adapter by VOIP City etc..
These products fall under the "USB to RJ11" category. I wrote an article describing all the different types of Skype phone products I found at:
http://www.summitcircle.com/wsnlinks/skypephones.html
(Note: I have not actually tried all of these products myself!)
Do not confuse USB to RJ11 adapters with Skype Gateways. An adapter will just let you use your normal phone to talk on Skype, instead of using a microphone and a speaker. A gateway will on the other hand forward your skype calls to a phone number without using SkypeOut (by using your home line). Two different products.
I bought one at http://www.advanceddigital.ca/skype and it works great. Software was very easy to set up and use.