The results are in and show Obama has won another term, but is it all over for Romney and where do the GOP go from here?

I've seen some comments from GOP supporters that they should have put forward a "proper" conservative, given the changing demographics of America is that really wise? For the first time the white vote has dipped below 75% and the latino and black votes went up.

Does Romney have some future here if he can be the bipartisan focus to rally around the Republican party and support Obama in helping America regain it's footing? His speech was indicating that's the way he actually felt (something that would have won him votes if he wasn't attached to the more unpleasant aspects of the GOP) It's clear it needs to start appealing to more demographics than the older white male because it just doesn't win you elections. If the Republican party support Obama (who has shown his popularity isn't going anywhere) then one way or another they're going to be able to say "look, we were supportive of what the people want but it hasn't worked, give us a chance to do it our way" or if it all goes well they can say they played their part in the recovery and shown themselves capable of governing.

A divided America doesn't suit the Republican party because their core is getting smaller while the Democrats are getting easy votes from minority and misrepresented groups. If they keep road blocking the party the people have elected then this is only going to get worse.

Is it time for them to move away from the grossly unpopular social policies such as pro-life and anti-gay marriage (and accept that politically the only option is to give people a choice on how to live their lives) while trying to provide a political and financial alternative? There are very few Republicans who would refuse to vote for the GOP if they agreed to legalise gay marriage but I'm guessing there are a hell of a lot of gay people who will refuse to vote Republican despite agreeing with their fiscal policy.

I'm interested on opinions from both sides, what do you think the Republican party should do now (both on a personal view and what you think would be "best" politically)? If a more moderate party is in order is Romney the man to do that work or is he too toxic now?