YimachShemotoIslam,
According to Ashkenazi Jewish law, you're Jewish if you have a Jewish mother, or if you undergo an Orthodox conversion. The Ashkenazi Jews, which are the marjority of American Jews are of German, Russian and Eastern European ancestry. My family is Iranian. And according to my mother, anyone with only one Jewish parent would probably not even be considered Jewish, according to the Iranian Jews.
If you're talking about some Ashkenazi Jewish woman living in the US who happens to marry a Muslim, I would say the child would be considered Jewish. Now I don't know the exact number of Jewish women in Israel who have married Muslims. But I know for a fact that they exist. That would certainly be an awkward situation for any children involved. However, there is an Israeli organization called Yad L'Achim, that helps such women and their children in getting back to Jewish life.
In the U.S., I know of one Iranian Jewish woman who married an Iranian Muslim. The parents and her brothers disowned her. However, after the father passed away, the mother, and I think the brothers resumed contact with her. I have no idea if the husband converted to Judaism. But my mother tells me that she's seen him in the Iranian Synagogue wearing a yarmulke. So I'm probably guessing that the kids are being raised Jewish.