You can read part of Falwell's quote and the news story at this link...
http://www.latimes.com/news/nationworld/nation/la-na-falwell24sep24,0,4255550.story?coll=la-home-headlines
Contrary to what is being widely inferred from this remark, Jerry Falwell is not associating Hillary Clinton with Satan.
Falwell's point is that Hillary Clinton is a lightning rod for controversy, and that her nomination by the Democrats will energize the Republican and conservative faithful. Any political observer will agree with Falwell on that.
What about Falwell's remark "If Lucifer ran, he wouldn't it"?
The Bible says that Satan often disguises himself as an "angel of light" - meaning that the devil doesn't usually advertise his identity or agenda.
The devil is clever, manipulative, and (as all the sin and evil in the world would attest) quite effective. Thus, were the devil to run for political office, the world probably wouldn't even RECOGNIZE him as the devil. Instead, they'd embrace him.
In other words, Falwell is saying that Hillary's candidacy is a good thing for the conservative Christian crowd. What instead they should be concerned is how apathetic, indifferent, or accepting the world is toward the work of the devil.
That is NOT the same thing as equating Hillary with the devil. Far from it.
But this quote has become just another excuse for those hostile to Falwell to heap criticism and ridicule upon him. To that crowd, the truth matters little.