401K when S-corp is unprofitable

In 2009, I had 6-figure severance pay from a prior job. There was no 401k contribution allowed as part of the severance. I started up a business and after 5 months, incorporated it. This business is losing money. I have not taken any salary from the business.

Question: How can I reduce my tax burden, specifically in terms of tax-deferred retirement plan contributions?

I understand I can only contribute $5K towards an IRA.

Can I take a salary of say $25K from the S-corp and contribution all of it to an IRA? Or some other similar alternative. I assume the S-corp will have to pay FICA/medicare taxes on that salary so I have to figure that into the equation.

Thanks in advance.
Jay