Purely hypothetically speaking (I hope, can't be good for Bitcoin).
What do you think the BTC/USD price will be after someone buys up all the aks?!
So the latest transaction will be like 1BTC = 100,000$ with 8M$ invested by someone as you can see here:http://bitcoincharts.com/markets/mtgoxUSD_depth.html
I think you'll see a lot of bot action making bogus decisions based on the "latest price", and once that noise dies down you'd see limit asks slowly trickle in at various prices.
Volatility would be high for a good span of time after that, with one side of the order book being so thin. I don't think I could say where we'd stabilize (although I suspect it'd still be <10$).