Redstate

I think Rasmussen proposed an interesting idea for Hillary. According to democratic party rule, she can actually RUN for the vice presidency at convention!

Super-delegates can choose president and V.P. separately. Even Obama's delegates can choose Hillary as V.P. against his own wish.

If she goes this path, she can effectively run as a second power centre.

That's an interesting point. But will her ego allow her to accept the second dog position. If not, could she offer the spot to Obama for conceding the top spot to her?

As the former Democrat frontrunner and winner of several key states Hilary, as you point out, is not without options, actually the adverse is true. Amidst calls for her to quit the race and mockery for her resilience to press on the Senator from New York finds herself in a unique position. The option you mentioned is a viable one, but not her only one. She may indeed run as an independent candidate, virtually guaranteeing an Obama loss in November, but this move would simultaneously destroy any chances she might have of serving in the Oval Office. Not only could she not garner enough support to win as an independent in 2008 she would end any bid she might make in 2012. This option, therefore, is unacceptable.
Option 2: Run on the same ticket as Obama, as operationchaos suggests above. This is a more attractive option but, again, leaves her far short of any future White House bid. Any failures committed in an Obama administration, and let's face it-there will be many-will be tied to her. Obama will undoubtedly mishandle the war on terror, the economy, the environment, taxes, etc. and her future presidential campaign will be seen as Obama2-more of the same old, same old...this is a risk she should not be willing to take. Besides, any attention she might get for being the first woman vice-president would be completely overshadowed by the first black president. She would become a footnote in history.
Option 3: Run as McCain's vice presidential nominee. I know this sounds crazy for a host of reasons, but really it is doable. I can think of several reasons McCain might be willing to have her on the ticket, but we're considering Hilary at this point.
1. History. As vice-president under McCain she would be just one (76 year-old) heartbeat away from the Presidency. Her accomplishment as first woman to hold the office would be highlighted and heralded throughout the media; she would have the spotlight.
2. Revenge. It would give her a chance to get back at all the Democrat power elite (Kennedy, Richardson, Kerry, etc.) who abandoned her in this campaign in favor of the junior Senator from Illinois.
3. Potential. As long as Barack Obama is the media's darling and DNC party 'savior' there remains no political future for Hilary. Even if Obama/somebody loses to McCain/somebody she will always be chasing his tail. Obama is now the anointed one and he will be back in 2012-without any Wright/Ayers/Rezko controversy and four more years of Senate experience added to his resume. As McCain's veep she would be the favorite in 2012 if McCain does not seek re-election and certainly in 2016.
Now, why might McCain consider Hilary as a running mate?
1. To be true to himself. McCain knows he does not have the support of the conservatives in his party and rightly so; he is not a true conservative-he's a moderate. If he remains true to himself he won't pander to the right-wing, besides, they won't believe him anyway.
2. To win. The majority of Republicans like him just the way he is. I know that's hard to believe for those at RedState, but he is the nominee after all. Check.
3. To win. The conservative wing of the Republican Party is decreasing minority within the whole, and a majority of them will vote for McCain NO MATTER WHO he picks. And he knows it. Just read the blogs and listen to talk radio. There are a lot of "I don't like McCain but I'll hold my nose in November and vote for him" Republicans. McCain knows many Republicans have abandoned conservative principles in favor of 'the lesser of two evils' principles and even with Hilary by his side-he remains the lesser of two evils. Check-mate.
4. To win. Depending on the poll, up to 40% of Hilary supporters say they would not vote for Obama if he is the nominee. Now, many of those will stay true to the Democrat nominee UNLESS Hilary is running with McCain. They would give McCain the needed advantage in November and more than make up for the loss of Republican support for choosing Hilary. It's a net gain for McCain-lose some Republicans, gain a lot of Democrats and nearly every Independent.
5. Revenge. McCain has been bitter against his own party since losing the 2000 nomination to Bush. He's spent the last 8 years working with Democrats to punish the Republicans who rejected him. Choosing Hilary as his running mate would be the ultimate 'screw you' to those who picked the cowboy from Texas over him.
I think McCain's got enough 'screw you' in him to try it.

To add to my previous comment I submit two more reasons McCain might consider Hilary as his running mate.
1. Time is on his side. While it is common for a Presidential nominee to choose his running mate before the convention it is not necessary that he do so, either way, McCain can afford to wait until Obama chooses his running mate. Time is on McCain's side-he can wait until the Republican convention in September if he likes. Obama has projected himself as the candidate who can bring change to Washington touting his ability to work with Republicans on key issues thereby ending the bipartisan feud between the parties and accomplishing much while President. All talk. He has yet to prove he is able or willing to reach across the aisle on any issue. McCain, however, has a track record of working with Democrats and if he chooses a Democrat for a running mate he will trump any argument from Obama on this point and leave him in the dust.
2. Do the math. According to a recent poll by the Pew Research Center, more voters (36%) are identifying themselves as Democrats than Republicans (27%).

http://pewresearch.org/pubs/773/fewer-voters-identify-as-republicans

From the Pew Research article:

"The Democratic Party has also built a substantial edge among independent voters. Of the 37% who claim no party identification, 15% lean Democratic, 10% lean Republican, and 12% have no leaning either way.
(snip)
(A)s the proportion of self-identified Republicans has decreased, the percentage of independents has grown substantially, from 32% in 2004 to 37% today."

It's clear McCain's strategy, which I believe began after losing in 2000, has been to win over these independent voters at the risk of losing some right wing conservatives. That would explain his recently stated positions on Global Warming and the Environment, and his energy policy which he states there will 'never' be any drilling for oil in ANWR or anywhere else where the environment might be negatively impacted. His upcoming address to La Raza suggests, not that he is willing in the future to alienate many conservatives, but that he has already done so and has come to terms with it.