What I heard is that he would take over termporarily until a new Tory leader is in place. I believe similar to Labour where Harriet Harman stood in for Brown while he was away.
No, Will Hague is the deputy leader of the party he would be PM until a new leader was elected the process would be akin to Brown taking over from Blair. Deputy PM has no meaning in the constitution. It is not really a position at all, although it is used by PM's to give some credibility to cabinet member otherwise with owt to do, the press often say they are "Minding the shop" when the PM's on Hols etc but that's not really the case either.