How should I manage my ESOP distribution?

My former company was sold to a capital investment firm. My vested ESOP shares will be sold. I'd like to use the fund from the distribution toward buying a home, so how should I cash out or take the distribution such as to minimize tax penalities? The law allows borrowing up to $10K from an IRA for first-time home purchase without the 10% early withdrawal penalty, but normal income tax still applies. So should I roll the ESOP money into an IRA and borrow against the IRA? Can I set up multiple IRAs and borrow from each so that I can have more than $10K toward the down-payment of a home? (Just trying to be creative, here. :-) Thanks in advance.