Can Old White Men Save the GOP?

It's no secret that the GOP is made up of old white men, but with the changing dynamics of society how long can this last? The republicans are still reeling from last years sweep of both houses and the presidency but this is not their only problem, they are also trying to find their voice. Although it is a hard concept to grasp here in the south but, the republican party is divided among two distinct political ideologies. The moderates are more fiscally conservative and liberal on social issues, however the focus is more economical. The conservatives are the ones we are more familiar here at Kennesaw, they are conservative on both social issues and economic ones. This may seem normal to have a divide among a political ideological group but, the more radical conservatives are not as accepting of the more moderate ones. Case in point the New York 23rd district.
The New York 23rd was a district in New York, one in which a democrat had not won in over 20 years and when a moderate republican was nominated, the radical conservatives revolted and entered their own candidate. Even Sarah Palin endorsed uber conservative Doug Hoffman who ran as a 3rd party candidate, the Conservative party. Feeling the pressure the republican dropped out of the race last minute and endorsed the democratic candidate, Bill Owens. Ultimately the district went to the democratic candidate and the GOP is faced with a questionable future.
If the Republican party continues to split what does the future hold? Unless they can come to terms on social issues and the die hards can learn to compromise, this is unlikely. We may be on the brink of a 3 party system if this continues. Party identification has declined in the last 100 years what if it continues? What do you think?