That would be incorrect. When Obama is ruled ineligible, McCain, who had the next most Electoral Votes, would be named President. It would be as though Obama never ran at all. Thus, McCain would be declared President. Biden would be lucky to keep the V.P. position because they “could” DQ him as well leaving it to Palin.
McCain would also win on the 2nd phase if it went to The House for vote. They would ONLY have McCain to vote on since he was the only other candidate to receive Electoral Votes.
http://www.rallycongress.com/constitutional-qualification/1244