Better question....What if the South won The Battle at Ghettysburg?
I think there is a book about it somewhere 
I like what Shelby Foote said about the Civil War and the industrialized north....... ( from memory) Quote-- " I think the North fought that war with one hand behind its back, if the war was in fear of being lost by the North, I think the north would have just pulled its other hand out"
In a nut shell, while the South had many exceptional victories, with it being an "agriculturally" based economy, and the north being an industrial based economy, the North could have out manufactured the South. Also, with the population differences, the north could replace its losses on the battlefield, whereas the South could not.
A real question ive always wondered is, What if the British came to the aid of the South, started another front down from Canada etc..........
*I dont want anyone to think that im "bashing" the South, these were very brave, hard fighting, (extremely) well led soldiers. While some of what they were fighting for was wrong ( ie Slavery ) . Their bravery and resolve should never be challenged.
I enjoy "What If" questions, usually fosters intresting discussions
<S>
Mbailey