If the Conservatives get most of the remaining seats then they may try to form a minority government, hoping to get enough support from the smaller parties when they need it.
The BBC reports that Nick Clegg has suggested that the Conservatives should be the next government. A deal with Labour looks unlikely unless the Conservatives mess things up - and it will probably require Gordon Brown to resign, too, which doesn't seem that likely at present. Although there may be some sort of backlash to come, there.