Oliver Willis agrees that Senator Clinton could run as an independent:
So she’s going tooth and nail to bloody up Obama. Why? So he’ll lose? Is there any scenario where she could gracefully exit? She’s been spectacularly ungraceful so far and I can’t see that happening. So why should we assume she’s going away? The Clinton campaign has made Fox News and Scaife legit — is it too far gone to think she’ll go independent in order to take the entire election down?
Nope. She'll do it. If she takes her coalition and runs as an independent, it would be extremely difficult for Senator Obama to win in November. Then, if Senator McCain wins, Senator Clinton gets to run in 2012.
UPDATE: Question from the comments: "Where's is she going to get the money?" She doesn't need any money to hold onto a decent chunk of her base.
UPDATE THE SECOND: I'm also pondering an even more bizarre scenario. I'll make a new post for this.