Don't rule it out, because apparently Palin wouldn't either in an interview with Newsmax:
Palin initially chuckled when Newsmax broached the idea. But then she had some serious words of praise for the popular Fox personality.
"I can envision a couple of different combinations, if ever I were to be in a position to really even seriously consider running for anything in the future, and I'm not there yet," Palin tells Newsmax. "But Glenn Beck I have great respect for. He's a hoot. He gets his message across in such a clever way. And he's so bold -- I have to respect that. He calls it like he sees it, and he's very, very, very effective."
This is an interesting thing to think about. Palin/Beck could unite the conservative anti-Obama movement and basically form a Tea Party ticket that would vent the anti-stimulus, anti-Democratic health care reform, anti-cap-and-trade, sentiment that's been brewing with a firestorm of angry, populist rallies. It would basically double the phenomenon that happened at Palin's rallies on the trail for McCain.
Then again, Palin not ruling it out isn't exactly a big deal: it's pretty improbable that she would come out and say, "No, I would not run with Glenn Beck." No reason to disappoint their shared supporters.