It could happen. NH is on 1/8, SC is on 1/29. Super Tuesday is on 2/5. The final day to file for the Dem primary in NC isn't until 2/29 according to congress.org. Edwards could come back home and roll over Dole.
If he throws his support to future President Obama, he might have enough clout to become the Senate Majority Whip. Hopefully, Sen. Dodd will be Majority Leader.
While I prefer Edwards to Obama, I could see this as a 'dream team'. Pres. Obama unites and heals while Senate Whip Edwards makes his rounds on the news shows confronting and persuading.