A look back at the original language used by Palin at the rally in question makes it nearly impossible for the exclamation to be misunderstood as an attack on Obama unless you happen to be a MSM member just dying to think the worst of the Right. Here’s the original account from the Washington Post of the Florida rally by Dana Milbank:

The subject of Palin’s sentence is never in doubt. It’s William Ayers, not Barack Obama. Predictably, the story of the man who allegedly yelled “kill him” about Barack Obama has found its way into an AP story, and then found its way into a thousand iterations of the story of the McCain-Palin rage McCain and Palin are allegedly inciting. If someone had wanted to yell “kill him” about Obama, he would likely have yelled it in response to Palin’s preceding sentence: