"Dave: “Yeah, they got together and they said, ‘You know what? He called our vice presidential candidate a pig.’” (audience laughs) “Well, that seems pretty unlikely, doesn’t it?”
Obama: “It does. But keep in mind that, technically, had I meant it that way, she would have been the lipstick, you see?” "
He did mean it that way. The entire campaign against Sarah is based on this- at least until the debate.
Of course this something he can wriggle out of though, for now.
You could make a case from that statement, but if it takes three or four sentenses of explaining to get at what is being implied, it will not be a very effective attack. Besides, Obama parsed that statement before making it, so it would even be more difficult for the attack to stick.