One possible scenario: Huckabee thinks that he has no chance in the GOP primaries and runs as the Reform candidate.
Obama (D) 479
Limbaugh (R) 1
Huckabee (Reform) 58
Assume a third-party defection. Huckabee (the Reform Party welcomes him) and Limbaugh split the white vote in Mississippi enough for Obama to win Mississippi. Obama makes a couple stops in Utah and Idaho to denounce drugs and religious bigotry and ends up getting more votes than either Huckabee or Limbaugh.
NE-03 splits 42-36-22 to give Limbaugh one electoral vote.
Yes, I think that Limbaugh is that unattractive a candidate. He finishes third in his home state (Missouri).
Scenarios with other possible third-party candidates might suggest themselves.
Question: why would Limbaugh give up his very lucrative career as a shock jock of politics?