When that word is uttered by the GOP elite and the media, I agree with you but I am neither and that wasn't the context I was using. On another thread, a Democrat senator complained Santorum was "uncompromising" which is just the opposite of your typical McCain/Romney/Rove RINO.
When I say "electable", I don't mean RINO. I mean "getting elected".
Of course, he has a better chance of beating Obama than Romney, which is what you meant.
That word "electable", however, is a RINO code word for cave, retreat, wimp out.