Evolution as "theory" is a misnomer as lay people understand the word - evolution exists, it is fact. It must be taught it school. That God created the universe, is something many believers take on faith; some, like myself, do not read Genesis as a literal description of events - others, however, do all of us believers a disservice by reading it as "errrrr. gospel", and using that to promote the wack ideas mentioned in this thread about 10,000 year old earth, children playing with dinosaurs, etc....
However, Governor Palin HAS NOT indicated she is the latter - her actual statements put her more in the camp of the former. Also, after the debate she had, where it came up, she sent out a clarification statement SPECIFICALLY calling for creationism to NOT be required educational material, but that children SHOULD be allowed to discuss their beliefs.
I believe the chances of their existing an "intelligent designer" are at least as great as the chance that from nothing sprang what ulitmately became Michael Phelps, the yo-yo and Gummi Bears.