The electoral college meets and casts votes in two weeks, on December 17th.
The institution was put in place by the founders with the understanding that the general public, due to issues of time, distance and proclivities, would not be able to wisely choose their leadership. So instead, the electoral college casts the votes that actually determine who will be president.
In the past, the electoral college delegates have, for the most part, followed the dictates of their constituents. But while some states have made it illegal (but not impossible) for delegates to vote counter to those wishes, most permit the free casting of votes. Of course, delegates who vote counter to those wishes will probably not be elected to serve in the electoral college again.
So while it is unlikely, it is nonetheless possible that, in two weeks, the electoral college could vote Mitt Romney into office and Barack Obama out on his ear.
(Be still my yearning heart!)