No. The electors whould have to choose from those remaining cansidates FOR PRESIDENT, inother words, McCain and the 3rd party candidates. The vote for Prez and the vote for VP are separate votes in the Electoral College. So it could end up McCain/Biden or maybe Nader/Biden. Or because most electors are not free to vote for anyone other than the one they are pledged to, it might be thrown into the House of Representatives, due to the EC being unable to find a majority, with Obama's electors diaqualified.
Do we need to be careful of what we wish for? Could we wind up with "McKinney / Biden" in the White House?
Terrifying.
My unsolicited $0.02 is that *if* a ruling by the SCOTUS is forced on this (and I doubt that it will be), then the election will be upheld, and the ruling will not be applied to any other case law, a la 'Bush v Gore'. Likely the best case scenario, AFAIC, would be to uphold the current election, then rule that Obama is ineligible to run in 2012, thus making him a lame duck before he even takes office.
And honestly, while I hate the idea of Obama in power, I hate the idea of a race war in the country even more. Completely tossing Obama out at this point in the game, is an invitation to total disaster, IMHO. Would make Rodney King look like Beach Blanket Bingo, only on a national scale. And, I'm not entirely sure that our nation would survive.
Doing something because it's right, doesn't always make it the right thing to do. Unfortunate that Obama's narissism, along with the Dem's willful blindness and lust for power, have put America in this situation.