What’s interesting about Clinton’s situation is that the 22nd Amendment only makes two-term presidents ineligible to “be elected to the office of President.” But is Clinton allowed to serve as president? For example, what if Clinton were the Democratic nominee for vice president, and his party won? If his candidate couldn’t finish his/her term, could Clinton be president again? Or would he be unable to serve as vice president in the first place? For now, this is an unresolved question.
http://www.infoplease.com/askeds/presidential-term-limits.html
SCOTUS could “fix” all of this in a jiffy!
According to the 12th amendment, a person ineligible for the office of President is ineligible for the office of Vice President.
After serving two terms, Bill is ineligible to be President again. Ergo, he is ineligible to be Vice President.