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Had Perot not dropped out in the middle of his campaign, only to jump back in at the last minute, he may have won.
Yes, that is damned scary. there was no way someone that nutty ever should have been put in charge of the nukes.
That said, the 12th amendment has a solution to that. If no one gets a majority in the electoral college, Congress decides the election.
While the EC has it's flaws, it does have a guard against a plurality losing its mind.
A better system would be to have what the French have- You have an election where everyone can run a party, but if no one gets 50%, you have a run-off between the top two.
You would have to change the constitution via amendment to make a multi-party run for president viable.