There's no time. IF Hillary is the RATS nominee for 2008, then putting Condi in as the Republican pick will throw the RATS into total disarray. First and foremost she is already supremely qualified, and a DAMN sight smarter than Hillary (I'd love to watch those debates!). But she needs some seasoning. The VP slot would give her that in short order. Especially if GW gives her some room to operate and be seen doing so. There is plenty of precedent for doing this.
I guess I don't see what the big hurry is. She's young and doesn't appear to be going anywhere.
As for Hillary, I'd be genuinely surprised if she's get a Dem nomination. She's WAY too controversial. Too many people hate her guts.