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It would be a very nasty war, to be sure, but there is simply no way North Korea could win it conventionally.
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For North Korea to win IMO, it would have to mount a massive first strike against the South and then depend on the fanatism of it's army to carry the war forward. NK couldn't afford a long-term war without fiscal support from somewhere else. NK arms and mobile infantry is really outdated and I imagine the war would degrade into a guerilla action as we've seen in Viet Nam and now in Iraq.
It is thought that NK has a substantial stock of chemical weapons...
SK has been the primary fiscal supported of NK for decades. Talk about killing the cash cow...
