We could do it in the House, the impeachment part, if we’re serious about it and present our case to those undecided. The Senate’s vote to convict is not as easy, but there needs to be some accountability, and it would curtail the other mischief he surely has in mind, or that his handlers and string-pullers do.
We’re not guaranteed of being rid of him in 2012 either, when it comes right down to it.
It would hand him the election. They’d paint it as Republican/Tea Party racism. My worry is that he won’t go peacefully if he’s beaten in the 2012 election (see Bush vs. Gore X10) or will cause riots and rebellion.