The Senate would choose the Vice-President, who in turn would act as President until the House reached a decision.
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It means the person won the election but they have not yet been sworn into office. Barack Obama won the election so he is currently President-elect but he cannot yet take any official actions as President. He will be sworn in on January 20, 2009 at which point he officially becomes President and assumes all the powers and responsibilities of that office.
The President-Elect.
You're close, but it's not in February. The new President is inaugurated in January, after the election in November, so the electoral college has to meet earlier than February. But they do elect a President. The general election elects members of the electoral college.
If the electoral college is not able to elect a President, the election goes to the House of Representatives.
ELECT