Never going to happen-blatantly unconstitutional. There will be an election as scheduled in Nov. 2012. If Obama even hinted at the possibility of doing what you wrote, there would be impeachment hearings scheduled the next second. If he actually tried it, he would be impeached and there would be enough Democrats in the Senate to join Republicans in convicting and removing him from office.
Don’t waste your time pondering such things.
We are in the end phase of democracy. The next step is either tyranny or monarchy. Democracies last around 200 years, and fall.