I imagine there would be a good chance he'd drop out.
I'm not sure what the party rules are in this scenario.....
It would presumably be too late to get his name off the ballot, but remember, people are really only voting for electors anyway. The Edwards electors could collectively decide that they would vote for someone else, and this would be communicated to the public....that "voting for Edwards" means that the Edwards electors would vote for the replacement guy. Exactly how the electors would reach a consensus, I don't know. It might be as simple as a few party bigwigs making a decision in a smoke filled room, and then telling the electors what to do.
In that case McCain would win a landslide. Yes we are voting for Electors but the people are voting indirectly for a person and they want to know before hand who that is. For all they new the party big wigs could pick Kucinich or Pelosi. Remember the "Punch Foley for Negron" Slogan in 2006. Even it didn't work.