Not really... it is very, very possible. Arnold is a very effective PR weapon. He has amassed goodwill with CA voters, and polls show that they are very willing to trust him (supermajorities in polling indicate that he has earned their trust).
Further, CA state and federal legislators are *terrified* of opposing him too openly -- for fear of their own jobs. This, of course, doesn't include Feinstein, Boxer, or Pelosi -- as he has not set his sights opon them yet.
I believe that, however, Arnold may be just what we need in the fight against Pelosi -- her divisive rhetoric is the perfect opening for Arnold to blast her. He just needs a *push*.
I don't think Arnold's political capitol is worth wasting on Pelosi. Let Nancy make her idiotic comments, and when Arnold comes up with the guns firing in October, Pelosi/Kerry/Hillary will look ridiculous.