Politically there is nothing in this for either of them. If Obama is VP and Hilary crashes and burns he won’t ever become president. Even if she does well for 8 years . . . remember Al Gore? I suspect Obama would rather run in a primary against her after her 4 year stint then be her VP.
It is worse than it was for Algore. Hussein would be titled VP but would really be #3 or worse. He might not even make the papers for 4 years. By 2012 he would not even be remembered. Any tie-up with the Clintons, either as VP or Pres would ensure that Obama disappears from American politics.