There is a big uproar in the left wing blogosphere right now about an attempt to repeal the 22nd amendment being introduced to the Judiciary Committee. Don't worry about it, there is always some jackass trying to do this. The current attempt is probably drawing so much attention because king jackass James Sensenbrenner is a co-sponsor.
Even if this ever somehow managed to get through the federal government, 3/4 of the states would have to ratify this within seven years. That's thirty eight states. This isn't to get Bush a third term, you could never get this done in time for 2008. In fact, you would really have to have it done in less than two years to make Bush a viable candidate in 2008.