There is a possibility that there could be:
President ------ Barack Obama
Vice President - Sarah Palin
Should there be a tie in the Electoral College votes, [ Obama ==> 269 and McCain ==> 269 ] then the matter will be determined immediately by the current sitting members of the House of Representatives for the President; and the Senate for the Vice President.
Since the Democrats has the majority in the House of Representatives, it is likely that Barack Obama will receive the majority of votes and hence be declared as the President.
Since the Senate is evenly divided, the most likely result would be a tie vote. Under a tie vote in the Senate, that is the only time that Vice President Cheney who is the President of the Senate can cast a vote. It is likely, should party loyalties prevail, that Cheney could vote for Palin who could then become the Vice President.