Is it possible to create more ripples? Currently there are only 100 billion ripples (XRP), which are slowly being distributed, and a fraction of a ripple is destroyed with each transaction.

In the future if we run out of ripples, or if the developers decide that they need to have more ripples for some reason (to pay their bills?), then would it be possible to create more? If yes, what is the exact process of doing this? Does it require consensus? Or is it just an edit-compile-deploy?
No. The amount of Ripples is fixed and, unlike with Bitcoin, available from the day it was created. The amount is fixed to 100 billion.

However, this amount is for the main "Ledger" which is currently used by everyone using Ripple. You can see a ledger as similar to a Bitcoin block chain. Everyone can, if he would like, create a new Ledger, just like everyone can start a new block chain.
Currently, though, there is only one Ledger really used and that's the one the Ripple founders started together with Coinbase and consists of 100 billion Ripples.

These 100 billion Ripples or XRP are dividable into "drops", which are 1 millionth of a Ripple. This means that 100 million billion drops exist.

With the transaction fee for Ripple currently on 10 drops, this means that even with thousand transactions per second, they will only run out in 634,195 years.

(Disclosure: Since Ripple is fairly young, I'm also new to it. I did some reading and tried to understand it's foundations, taking the Ripple wiki as primary reference. It's very much possible that I misunderstood some aspects of the system or that the wiki is not fully correct.)