"We are in the midst of a seminal historic shift in this country," Limbaugh told the audience. "The Democrat Party and the media have lost their monopoly. They don't rule the roost anymore."

The watershed political moment would have amazed his father, the top talker observed. "If my father could see what's happened today, just the sight of the Democrat Party would extend his life by 10 years."

That's one reason conservatives have nothing to fear from Hillary Clinton, he assured those on hand.

Still, the GOP faces a major political problem that can no longer be ignored, he warned. "The Republicans' failure to understand the American people's building rage on illegal immigration" could give rise to a third-party candidate, he said, who could tip the 2008 presidential race to the Democrats, much the same way Ross Perot's campaign did in 1992.

Limbaugh also seemed to revise earlier criticism of Gov. Arnold Schwarzenegger for not being conservative enough, telling the audience, "I was wrong."

2,700 people paid $40 each to see Limbaugh live. Proceeds from the event will go to the Leukemia and Lymphoma Society, a charity Limbaugh has supported since he went national in 1988.

NewsMax.com's Steve Malzberg wonders "What Will Rush Say?" about Donovan McNabb's Superbowl performance.

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