CTAN has a new package: sphyphb
Hyphenation patterns for spanish, following RAE 1999. Only phonetic rules are used. It is believed that it gives the right hyphenation of all Spanish words, but extensive test is needed.
See this package at http://tug.ctan.org/tex-archive/language/spanish/nonstandard/sphyphb/ . You may get a better network connection by using a CTAN mirror near to you; see http://tug.ctan.org/tex-archive/README.mirrors . Our service is supported by the TeX Users Group http://www.tug.org . Please join a users group; see http://www.tug.org/usergroups.html .
sphyphb – Experimental Spanish hyphenation patterns
These hyphenation patterns for Spanish, follow RAE 1999. Only phonetic rules are used, but it is believed that it gives the right hyphenation of all Spanish words. Nevertheless, extensive testing is still needed.