From someone else's calculations, if England somehow beat Italy and then lose against Germany they will likely end up ranked 3rd in the world next month.
In a best case scenario where Spain and Germany get knocked out by their opponents in the QFs and England win the tournament, England will end up ranked 1st in the world.
Even if England lose to Italy, but France doesn't win the tournament, or Portugal/Italy reach the final, England will be ranked 4th.
Whatever happens, I predict a thread in a months time about how England are overrated. Also Brazil will drop out of the top 10 for the the first time ever I believe.
Part of the reason this is happening is due to Euro 2008 results dropping out of the calculations.