As already pointed out the war would have gone on far longer, but it is possible the Allies could have still won. The contribution of the Russians is often overlooked, but as Churchill said they "ripped the filthy guts out of the Nazis" at enormous cost in lives. The Germans had to pour so much resources into the Eastern front, it doubtless effected their war effort elsewhere.
I think the Germans may have been expecting the same success against Russia as in WW1, and they expected that the Red Army would do just as badly as the Tsarist Army did in the previous war. Also Stalin purged a lot of his best officers - although the thing of it was, most of them were sent to Siberia, not killed outright. Once the war started, most of them were "rehabilitated" and returned to service just in time for the Soviets winter counteroffensive around Moscow in late 1941/early '42. But in the first six months or so, it looked just like it did in WW1, with the Germans rolling over everything until they were in sight of the Kremlin.
I think Hitler's fatal error was in concentrating on the south while Leningrad was still under siege and the northern ports of Murmansk and Arkhangelsk were still open and a valuable lifeline for the Soviets for supplies from the West. If the Germans could have successfully cut off the supply lines from the northern ports, it might have turned out differently.
Instead, Hitler chose to engage in his "Caucasus Roundtrip," with some side jaunt into Stalingrad.
However, there is the question of how well Churchill and Stalin would have cooperated if it was just the two of them. I think FDR may have been able to bring about a balance between the "Big Three" which may have been more conducive towards cooperation and coordination between the Allied Powers.
That was a significant difference between the Allies and the Axis. The Allies were operating as a team, in coordination with each other and keeping each other reasonably informed as to what they were planning. The Axis were mainly out for themselves, each fighting their own individual wars which happened to be against some of the same enemies.
I think the Americans really came into their own against the Japanese, Britain could certainly not have stopped them without their contribution. Pretty sure Japanese territory would be far more extensive than it is without the Americans.
I think Americans living on the West Coast may have considered the Japanese the greater threat to America itself, rather than the Germans. The Germans didn't have the naval power or air range to be any significant threat to America, but Japan did have the more powerful navy in those early months. Still, Churchill pressed for (and FDR agreed) "Germany First." But there wasn't really much we could do in the first year except try to defend against the Japanese onslaught in the Pacific while trying to dodge U-Boats in the Atlantic.
It's hard to imagine now, looking back and knowing the result. But from what those who lived during those times have told me, they really did not know if they were going to win or lose the war. In 1942, things probably looked pretty bleak.