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I think the invasion of Iraq is part of the reason Libya decided to give up its weapons. They have been trying to get back into the world's good graces for many years now and the last thing Kadafi wants is to be ousted just as he's starting to see results.
While the US military is not in a position right now to easily take on a third front, as Iraq is stabilized troops will be freed up to attend to other countries if required. Overtaking a country is not the problem. As always, occupation is far more complicated.
Even targeted strikes against "rogue" nations such as Libya would be a blow to the government and could lead to the destruction of Kadafi's progress towards rejoining world political and economic discourse in a major way.
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Strive to be more curious than ignorant.
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