Will the Earth have two suns in 2012? Will the star Betelgeuse explode and make the nighttime as bright as midday?
No and no.
Why not? See these posts by Ian O'Neill and Phil Plait.
And national news outlets that pride themselves on being reliable (I'm looking squarely at you, Time and CNN), shame on you for just copying someone else's story rather than checking it out first. Fox News managed to get it right.
And if you have no clue what I'm talking about, read here if you dare. (In all fairness, the original story, the one I linked to, is only moderately inaccurate -- more hype than wrong, and the astronomer who is quoted doesn't say anything that looks out of line. But like a game of telephone, things went downhill as the story got repeated.)