I haven't read all the reponses so I'm sorry if I'm telling you something you've read already.
I was in the same situation as you back in 06 and 07. It got to the point where I couldn't open drawers, the closet, and tubs because it was too hard to open and too difficult to find a certain fabric for a project. So, I would go to the local quilt shop and buy more of what I needed. It got to the point where I wasn't creative or inspired anymore. I went through my fabric and first got rid of ALL fabric I purchased at Joanns. I had many garbage bags full to the max. I gave them to quilters that couldn't afford to buy fabric and quilt groups. At first it was hard to part with it as I thought I needed it. The feeling was so great after getting rid of it that I continued on with my older quilt shop fabric and kits I put together. Again, good feeling once it left. I now have a large cabinet and a few kits left and still want to part with some more.
There are new fabric lines coming out daily that I absolutely love and don't want hanging out in my closet anymore for the "some day" quilt. Example is I just finished a Thimbleberries quilt from 2002! I loved it back then but not crazy about it now so it wan't the most exciting quilt I made and that to me, is sad. So I do understand because I too love, love, love fabric and I have to have it...or so I thought.
My goal is to have no fabric at all!!! Seriously! When I see a pattern I love, I will go to the fabric store and buy only what I need and begin the project right away. If I run into trouble and need a little more of a particuar new line I'm working with, they will surely have it in stock or online.
So good luck because you can scale back your stash for a fresh start.