This one isn't a free one, but it is a new theme from one of the newer theme providers in the Joomla world. It's called Home Turf and is available for less than $15.

It comes with nine module positions and a drop down menu. It also comes with the source files, a blank header if all you want to do is add your logo and it comes W3C CSS and W3C XHTML Validated.

For more information or a demo of the theme live, click here.