The second, remember Gerald Ferraro?
I think it was Geraldine, but I had forgotten her. I'm sure Hitlery and everyone else would, too.
Still, I think Hitlery would give the VP race a try. It must be galling her that there are nine RAT dwarves pretending to be candidates, and getting all that publicity (even if some of it is bad publicity). She (and they) know that they're out there solely at her pleasure, and she could yank their chains at any second. Look how the klintons built up and tore down RAT candidates in the 2002 election.
No matter how badly they're blown out in 2004, Hitlery has real advantages being on the bottom half of a losing ticket. First, she would get more coverage than anyone else. Second, she could later say she's "grown" in defeat, although her ankles are already quite chunky. Finally, she could start the myth that they would have been unbeatable if she was the presidential candidate, and she'll be unbeatable in 2008.
Of course, in 2008 I'd like to see a Jeb Bush/Condi Rice ticket.