Lakc,
The spent fuel rods still contain a lot of active Uranium but a significant amount of nasty fission products as well which act as Neutron inhibitors - as the pile gets older the control rods have to be withdrawn further and further - at some point you replace - which is what just happened at #4.
These rods are still capable of reacting and melting down so yes it can turn into a molten blob - that might burn through the bottom of the pond and become an unwelcome visitor to the outer containment vessel.
http://en.wikibooks.org/wiki/Radioactive_Waste_Management/Spent_Nuclear_Fuel
The problem is the amount of potential energy in these things - only about 30% of the Uranium is used in about 18 months - so theoretically there is enough energy there equivalent to 3 years output of 738MW (an overly simplistic calculation to be sure - but its not just going to cool down and stop like a blob of hot metal in water - and that's presuming there is only one set of spent fuel rods in the storeage - there may well be more).
As I mentioned in an earlier post the old British Windscale reactor has been cooled by seawater since 1957 (I think) and its now only approaching a condition where it can be dismantled.
Chernobyl still has a red hot core 25 years on.
If this "stuff" melts there is no way to deal with it other to entomb it and keep it cool.
If the reactor core melts it will eventually dribble into the "core catcher" void benath which can be filled with boric acid - if it comes through as a dribble (not a slug) then is it hoped this will cool it enough and hopefully sepparate it enough to stop the reaction.
Its starting to sound more Wiley Coyote the more I think about it - but WTH.
Hope it doesn't come to that.
Ken