First of all, is it possible that the North would engage the South again? I think it may be possible for several reasons. First, if the North is so desperate to the point where they're about to collapse and they may see war as a way to gain something. And/or The North starts a military conflict with the South and tries to blame the South and USA.
The results of a new conflict between the North and South? First of all, despite North Korea's much larger army, the World would not let South Korea fall. South Korea would obviously win. However, I could not see an immediate unification of North and South Korea come out of it. I don't think it would at all benefit South Korea and I think that many South Koreans would rather not have a bunch of ex-Commies running across the boarder asking for handouts. Perhaps if a more economically stable regime were set up in the North, then a future unification may be possible.
There are several other possibilities. First, China could invade, occupy and annex North Korea themselves, ending both the Korean War and the (international) instability of the region once and for all. The second possibility is that the US, South Korea, China, Russia, and even Japan (if it's constitutionally viable for them to do so) can launch a joint invasion of the North and set up a new Government that's at least semi-democratic and pro-capitalist, although the new Government would most likely be pro-Chinese and pro-Russian more than anything. The country itself would probably be renamed as well. Then there's a third, more practical possibility. China may simply tell North Korea to stop and the North may very well comply and things will go back to as they have been since 1953.
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