There's an endless number of scenarios at play here. Libya erupts into a full scale civil war and other countries such as Iran, Pakistan, and even Saudi Arabia could follow. These nations control half of the world's oil and along with that nuclear weapons.
What role might the Muslim extremists take? Will a new government in Egypt end it's peace agreement with Israel? Will North Korea take advantage of the upheaval in the middle east and attack it'e southern neighbor?
Then again, Gadhafi could crack down and civil unrest in the region runs out of steam.
What worries me is it only took one man in a nation of unhappy citizens to seize power and eventually set the stage for WW2.