According to the spreadsheet I have in my PDA, I have 159 unassembled locos. This means I've bought them, but they're still in the box. They may just need couplers, or other details glued on, or they may need decoders, or more (like the Undecs that need painting, etc.).
This list dates back to probably a year ago, when I got back from a local train show. This doesn't include the 30+ locos I've bought since then, like from eBay, or brass stuff (never input).
I also show 60+ locos in the 'completed' category. These are the ones that are on the actual running roster. And this list isn't complete, because I don't see the Lionel Turbine that's sitting off to one side on the layout.... But then again, it might still need a coupler.
Storage. Obviously, the ones that are in the Unassembled category are sitting in their original boxes, which are also stored in cardboard boxes to save space. Or, piled up somewhere in a tall stack.
The ones that are complete are either sitting on the layout, or in those rolling storage carts like this:
http://www.officedepot.com/ddSKU.do?level=SK&id=551048&Nr=200000&N=201569&An=browse
I use these to store everything. I have a thin layer (1/8" close-cell) foam on the bottom of the drawer, and put my stuff in there. The locos stand upright, those that hold freight cars, they're on their sides. I check regularly to make sure the foam doesn't degrade onto the cars.
They are modular, and have casters. One of the storage carts is 13 drawers tall. It holds almost all of my transition-era freight cars. My locomotive cart is probably 8 drawers high (each drawer holds about 6 locos); this one's not full. The modern stuff has it's own cart.
Kennedy