Hilarious.

And yes, this is real, not an extremely clever photoshop job, and truly encapsulates what the Republican Party is all about.

Wide stance? Check.

In Minneapolis? Check.

Prison stripe-wearing? Check.

Starry eyed? Check.

As for the elephant humping the "2008"...

Are they going for a "Still screwing the country in 2008" theme, or is it a reference to hypocritical adulterers like David Vitter and just about the entire Republican presidential field?

All of the above? Check!

Apparently they ran out of space for a collapsing bridge.

Update: Can't you just picture the Daily Show and Colbert Report writers salivating at the possibilities?

Update II: From the comments:

The Blue-to-Red ratio looks to be about 80%-20%. That sounds about right for the 2008 election too.

[I]t looks like the elephant is wrapping himself in the flag.

Very appropriate for 2008. The elephant has Assumed the Position

Crapping on Minneapolis?

Elephants only stand on their hind legs for one thing; count on the Extinction Party to know nothing of their habits.

[N]ot to mention that the head looks like a snake coming out of a monkey's ass.

And okay, this is my new favorite:

Total roadkill. [I]t really does look like an elephant that just got ran over by a truck and is now splattered and dazed on the ground, covered in skid marks.

And more from what might be one of the funniest threads ever on this site:

The Lone Star eye of Texas is trained on the "con" in convention. How appropriate The head looks like it is partially decapitated.

An elephant never forgets how.