I'd like to believe Glen is still alive, but I do not believe that to be true.
Im 50/50 on it. On one hand, it seems as if there's no way out for him, especially since he's laying underneath Nick while the walkers Nick's guts. Eventually they'd get to the point where they eat right through him and continue on to Glenn.
On the other hand, they might have foreshadowed Glenn surviving earlier in the episode when he called Rick a dumbass over the walkie talkie. In season 1 episode 2 Glenn called Rick a dumbass while he was trapped in that tank in Atlanta. In that same episode Glenn and Rick camouflaged themselves with guts and blood. My theory is that Nick's guts being all over Glenn are going to allow him an opportunity to escape. If you re-watch the "death" scene, you'll notice that there's a pretty clear path between Glenn and the dumpster while Nick is getting shredded apart on top of him. All Glenn would need is a few seconds to either slip under or on top of the dumpster.
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