Your nuts  Here it goes:

1. Israel (with nukes)

2. Turkey

3. Iran

4. (Israel without nukes), Egypt

5. Saudi Arabia

6. Syria

7. Hizballah

8. Jordan

9. Oman

10. UAE

There is no doubt that Israel is the current most powerfull country in middle east followed by Turkey.

Now for the third place we have 3 contenders:

Egypt, Saudia Arabia and Iran.

Saudia Arabia and Egypt have a good set of modern weapons especially on fighters compare to Iran.

But fighters are not everything if you have a limited amount of ammuntions and below average personnel and in the case of Saudis, few number and lack of commitment of a great part of their soldiers who do not train hard and it is the least we can say.

In fact .Saudia Arabia and Egypt and a below average army for proficiency and are completely dependant on western nations.I have numerous first rate exemples for lack of commitment, pure incompetence and bad training and Saudis beat everybody..From french officers who have trained them.

On the contrary Iran have a professional army (for competencies I mean as it is also a draft army), dedication and they have their own equipement.They have numbers and assymetric means to compensate their weaknesses on some high tech equipement.

I would put without a doubt Iran above Egypt and Saudis and they will widen the gap in the coming decade if nothing is done to stop them.

Saudis could hold maximum 2 weeks facing Iranian alone.

 

The list below looks much more realistic than the previous ones.  Remember Iraq had both western (French) and Soviet technology and American advisors and it still took them 8 years to beat Iran (and they barely won and very nearly lost).  France and the USSR gave Iraq massive amounts of weapons.  Also, back then with the USSR's tentative loyalty to Iraq and Iran's obvious issues with the US, Iran wasn't getting weapons from too many sources (Iran-contra weapons weren't enough to supply a whole army). 

 

Now, China and Russia are more than happy to oblige Iran with whatever they want...Russia, for influence, and China, for energy.  And flush with oil revenue, Iran can pay cash!  You take the kind of overwhelming numbers that Iran vs Oman or Jordan would have and it would be even more difficult to keep Iran in check than it was for Iraq.  I agree with zballs list - only change I might make (although not really in a position to really argue it - just more from what I have read in general) would be to put Hizbullah at the very bottom of the list.  I would imagine Jordan, Oman and UAE, with their western weapons, would be able to subdue Hisbullah if necessary.