I believe Rush said that Obama "may consider", or "he wouldn't put it past" Obama to try such a thing. Or something to that effect.
I don't recall him saying emphatically that "Obama IS going to try for a third term."
Yes, you're correct. I think he offered this as an observation into Hussein's mindset. An example, if you will, of Hussein's thinking to explain his stance in regards to Iran and Honduras. He discussed this in conjunction with that Nigerian woman's article about Hussein's father and his pro-Marxist African influenced upbringing.
He then took it to the next logical step in Hussein's mind. Of course, Rush likes to venture into the absurd to make a point.