Good point about showing a brief clip to show the original context. When Palin made the joke she was simply saying to the media and doomsayers, "We Hockey Moms are tough!" She didn't imply anything about the Obama campaign directly - simply that she was not going to cower but was a fighter.
That’s how I took it. These media blowhards try to make ever mole hill into a mountain. Of course, as a former hockey mom myself, I get it.