Lest you forget that Hilary is from Arkansas and when Bill Clinton ran he carried some southern states. She can win some.
Anyone who is 100% sure that a Clinton/Obama ticket can't win doesn't know as much about politics as they might like to think. I'm not saying they will win, but they can.
Here is why:
1. What do we hear every year at election time? We hear that there is no difference in the candidates and it is one rich white guy or the other rich white guy. Well a woman and a black guy are at least a change from that. That change could help to invigorate the far left which often times ends up not voting.
2. Hilary won't make the same mistake that Gore made in 2000. She will saddle Bill up and use him as much as possible. Love or hate Bill Clinton you have to admit that he might be one of the greatest campaigners in the history of politics. Bill can help them win some of the more moderate southern states or at least help them win some of the more right leaning battle ground states.
3. There will be no major changes on the political landscape before the election (baring some kind of major event) so we will still be a red state/blue state country which means the election, again, will come down to just a few states. In that type of a race anyone has a chance.
4. In the last election it came down to Ohio. John Kerry is considered by many to be one of, if not the most, liberal senator in the country. If a guy that is that liberal can come withing one state of knocking out a sitting president it says a lot for the countries state of mind.
5. The country is in the midst of a full on republican back lash. I'm not saying the democrats are doing a bang up job, but this happens all the time. When one party is in power for a while they get fat, bloated and start believing their own bullshit and eventually it catches up to them and the people want a change. Any republican candidate will have to spend a decent amount of time proving that they are not Bush. Many people will see any Republican candidate as "4 more years of Bush" and that will hurt them.
6. Iraq. Every day more and more people start believing we need to leave Iraq. Both Hilary and Obama have said they will pull us out of there and end the war. The republican party got us into the war, so whatever candidate they have will have to bare that burden and it will be a heavy one if the candidate has previously come out in support of the war.
7. The religious right is angry with the republican party. They feel used. They were promised a lot and were given very little. They feel like they were taken advantage of and, like it or not, they control the republican party. The only possible candidate they will wholly support is Fred Thompson. They don't like the others, but may support them to a degree simply because they dislike Hilary more. That said, any candidate other than Thompson (and maybe even him) won't be able to count of the wholesale support of the religious right and that will hurt them badly.
There are other indicators, but I don't want to turn this post into an essay
I'm not saying a Hilary/Obama ticket will win. I'm not saying I want them to win. I'm simply saying that if you look at the landscape of the country and the recent happenings on the political scene it points to the reality that they can win.