[Mohammed El-Shahawi]

I believe another correct answer would be #4. The reason I say "would be" is because Saddam, whether by good luck or design, is in the fortunate position that the prosecution of #4 would lead to worldwide condemnation. As long as he keeps denying he has WMDs there will be appeasers like the Germans and French who will believe him.
This leaves the US in a no-win situation. In the end we'll have to lose by doing #4. Eventually people will get it.

[Mr. Mojo]

As long as he keeps denying he has WMDs there will be appeasers like the Germans and French who will believe him.

I don't think the Frogs and Krauts believe the Iraqi denials of WMD possession; it's all about economics with them. They have a huge financial stake in the current Middle East status quo, and regime change - war - propels them into the unknown.