On Monday (15-Dec-2008) this week Barack Hussein Obama was elected President of the United States - at least I think he was, there seems to have been a news blackout!
In theory the "electors" of each state should have met and done the actual voting and then reported the result to the current vice-president (Who he? Dick Cheney!) who will then make an annoucement to Congress on January 6th next year. Inauguration will be on January 20th.
So now he really is President-"Elect"; previously he wasn't.