Impossible, Nokia costs too much for Microsoft to buy outright without having capital to do other projects. At best a Carl Icahn type of agressive takeover could be possible at these low share prices.

Also there is no incentive for even Microsoft to be in the hardware game. The minute they can make their own hardware, you'll see channel partners such as HTC drop the Win7 platform. The money is in the services and not the hardware, so to reach the biggest amount of users they need their channel partners. This is just a dream speculated on by those that don't understand the risks Microsoft exposes itself to just by even considering it.