Reported by Chris Geidner and just confirmed by CBS News: at 12:45 Pacific time, Judge Walker announced effective August 18th at 5pm, the stay of his Proposition 8 decision in Perry V Schwarzenegger will expire. That means marriage equality will be--at least on August 18th at 5pm--law in California.
According to Chris Geidner from MetroWeekly, the Defense will immediately file a motion to maintain a stay of the ruling in the 9th Circuit, with a decision to come within the next few days, but almost surely today.
If they don't get what they want in the 9th Circuit the Defense will try to make an appeal to the Supreme Court Justice in charge of appeals coming up through the 9th district. That SCOTUS Justice happens to be Justice Kennedy, the most quoted Justice in Judge Walker's decision.