I think they could squeeze out another season or 2, there's just too much happening this season to end it in a few months time.
As for the Rachel-Ross-Joey thing I'm not sure where I stand on that. I like the idea of Rachel and Joey hooking up, however it's hard to picture Rachel with anyone but Ross. Also the whole baby situation makes it a little weird, as someone else said Rachel and Joey together with Ross' baby - that'll be one messed up kid

.