It's not a totally insane idea. Cheney's not a viable candidate in '08, and this would be a way to test Rice's marketability on the main ticket. I don't think for a second that the GOP would run her as potential head cookie, but as VP candidate she could pull away some support traditionally thrown the other way. And if she already was VP, it would lessen the "ohmygosh-it's-a-woman" hue and cry from the smoky back rooms. Meanwhile, it would certainly take over headlines for some time and remove the Cheney/Haliburton distraction. Worst case scenario? Approval ratings don't rise and no Rice on the '08 ticket. Oh well! Granted, that's my 30-second analysis and surely there are things I missed.
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