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Here's what Jim Cramer had to say about some of the stocks offered up by callers on the "Mad Money Lightning Round" Wednesday evening:

Merck ( MRK): "We've got a bunch of lawsuits upcoming. I think the stock's gonna get hammered back to its 52-week low. ... Why not buy Schering-Plough ?

Parker Drilling ( PKD): "You should sell it. It is always the laggard."

Toll Brothers ( TOL): "I think the next move for Toll is back to the low, low $40s."

Sepracor : "Beginning to get nervous ... too one-product sensitive."

Accenture ( ACN): "Ixnay on the Accenture."

Pulte ( PHM): "Tomorrow when all the bears come out of their den and start talking about Hovnanian ( HOV), Pulte will go lower. Only Centex ( CTX) makes a lot of sense to me here."

PetMed Express ( PETS): "This pet market has been not so hot. ... I am not a fan. If you need to be in the pet business somehow, go buy a dog."

Energy Conversion Devices : "At 60 bucks a barrel for oil, Energy Conversion is a winner."

Principal Financial ( PFG - Get Report): "52-week high but I am not backing away."

BE Aerospace ( BEAV): "Insiders sell for many reasons. This stock is tremendously in bull market mode. ... 'mon back* anytime this thing gets to 13."

Salesforce.com ( CRM): "See a lot of competition coming to CRM. ... He's not for me that CEO."

Usana Health : "I don't like the supplement business, and I think you should sell this."

Valero ( VLO): "That's the No. 1 name in the S&P this year."

Sierra Pacific : "A lot of people feel it's gone up too much and they are wrong!"

Smith International : "You got a winner there."

Alllied Waste : We don't like this theme (waste management)."

Vimpel-Communcations : "How do I know he (Putin) doesn't wake up tomorrow and say, 'You know what, the Kremlin owns Vimpel'?" Cramer said of the Moscow-based telco.

CarMax ( KMX - Get Report): "A blowaway quarter. They shocked me. ... Two thumbs way up for CarMax!"

Lightning Round

Bullish

Cramer was bullish on Schering-Plough , Transocean ( RIG), Schlumberger ( SLB - Get Report), Chevron , Coventry Health Care ( CVH), Centex ( CTX), National Fuel Gas ( NFG - Get Report), Energy Conversion Devices , Principal Financial Group ( PFG - Get Report), Prudential Financial ( PRU), MetLife ( MET - Get Report), BE Aerospace ( BEAV), Polaris Industries ( PII - Get Report), Sierra Pacific Resources , Smith International , CarMax ( KMX - Get Report), Sirius Satellite Radio , XM Satellite Radio ( XMSR), Weatherford International ( WFT), Chesapeake Energy ( CHK - Get Report), Noble Energy ( NBL - Get Report), Commerce Bancorp ( CBH - Get Report), Borders Group , Barnes & Noble and Genentech ( DNA). Bearish

Cramer was bearish on Merck ( MRK), Parker Drilling ( PKD), Toll Brothers ( TOL), Exxon Mobil ( XOM), Sepracor , Accenture ( ACN), Pulte ( PHM), PetMed Express ( PETS), Salesforce.com ( CRM), Usana Health Sciences , A.S.V. Allied Waste Industries , Vimpel-Communications , Citizens Communications ( CZN) and Citigroup ( C).

*For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.

1. Pigs Get Slaughtered 2. It's OK to Pay the Taxes
3. Don't Buy All at Once 4. Buy Damaged Stocks
5. Diversify to Control Risk 6. Do Your Homework
7. Don't Panic 8. Buy Best-of-Breed
9. Defend Some Stocks 10. Don't Bet on Bad Stocks
11. Own Fewer Names 12. Cash Is for Winners
13. No Regrets 14. Expect Corrections
15. Know Bonds 16. Don't Subsidize Losers
17. No Room for Hope 18. Be Flexible
19. Quit When Execs Do 20. Patience Is a Virtue
21. Be a TV Critic 22. When to Wait 30 Days
23. Beware the Hype 24. Explain Your Picks
25. Find the Bull Market

At the time of publication, Cramer was long Commerce Bancorp.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." Cramer appreciates your feedback and invites you to send him an email by clicking here.