The following is from the WWE's policy, and basically says that we can say bye bye to both Sabu and RVD...
"13. DISCIPLINE FOR VIOLATION OF LAW
Any Talent who is arrested, convicted or who admits to a violation of law relating to use, possession, purchase, sale or distribution of prohibited drugs will be in material breach of contract and subject to immediate dismissal.
Source:
http://www.pwinsider.com/ViewArticle.asp?id=18913&p=1
Since the WWE went so public with this (considering it was covered on the news), they have to follow through if it's true, otherwise there could be problems with stockholders, among other things.