| Unfortunately, I don't think that you can defer taxes on severance pay that has been paid in the current year! You should consider yourself lucky that in this economic crisis your ex-employer is providing you with 6 months severance pay. I have heard cases where the companies are unable to pay severance pay at all.
Nevertheless, from your perspective your severance pay will increase your taxable income and perhaps push you to a higher tax bracket and even result in a considerable amount of AMT tax.
I suggest that you contact your CPA to have him perform year end tax planning so to identify possible strategies that would help in reducing your tax liabilities. | 
