After Harry killed the basilisk in The Chamber of Secrets, the sword absorbed the basilisk's deadly venom. Since the only cure for basilisk venom is Phoenix Tears, it's nearly impossible to heal in time.
Now, if someone had stabbed Voldemort with the sword, I believe he would be between life and death like he was in his "shadowy form". Less than a ghost, but still alive, thanks to his horcruxes. If you eliminated the horcruxes, he would die. If he were in shadow form when all of his horcruxes were destroyed, I believe he would finally die, too. No horcruxes to bind him to the land of the living, you see.
*disclaimer, I don't own Harry Potter or any characters. I'm merely stating my personal theories and what-if's*
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