While having my 40d sit awhile, and then coming back to use it again, I have encountered a problem that I hope can be fixed relatively easy. I searched the forums, but only found issues with the shutter button.
When I am using my 40d, the top dial (that controls the SS in manual mode) feels like it is not catching the gears as I spin the dial. The shutter speed wont change for a few spins, and finally it jumps into gear again. Any solutions?

You mean the wheel won't allow you to change your shutter speed? Most likely an electronic issue. Send it to Canon.
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