unless you're just going to ship over some of your Football fans?
Never underestimate the football fans...!
What about the Army, Navy, RAF, Royal Marines, SAS, SBS...?
Try not to refer to them as English, it pisses the Scots, Welsh and N. Irish off.
Quite rightly they are the British armed forces.
I don't know how stretched we are with Iraq really, but if the US got involved I can see them getting in too...
Well considering we officially pulled out of Iraq in April 2009 (and only now have a limited troop presence there) I can't see that being too much of an issue. I presume you actually meant to say Afghanistan, where which of course we are still present - with a planned withdrawal in 2015.
If a Korean conflict did escalate again, I have no doubt the United Kingdom would be involved to some extent. It would obviously be part of a coalition military force though and I can't see us contributing as much direct manpower as we did to the Iraq invasion for example however. Although this depends on how much we consider North Korea (at the time) a direct threat to the UK.
If a nuclear conflict erupts (which is entirely plausable given the North's political nature) then I imagine our Nuclear Arsenal would go on standby for immediate response as would everyone elses'.
Ultimately though I think a Korean conflict is inevitable, unless the North's regime collapses from within, and even then you still have one of the world's largest military's to deal with.