The world likely still has awhile to go before Russia and the West directly engage in military conflict, but with deteriorating relations and boiling regional conflicts, it does seem probable that military conflict is in the future. Most likely it will first be seen as proxy wars where the two sides aren't directly engaged with each other, but prop up two smaller groups that are already fighting. It could be argued a form of this is already happening in Syria. The key to avoiding direct military conflict is negotiation, but at this time the relationship doesn't seem open to a lot of negotiating.
Tensions will rise as NATO and Russia both build up troops along the Russian border. This increases the chances that even a mistake could begin fighting. It also gives Russia justification to further increase the number of troops they place along the border. Lastly, this move is coming in defiance of previous statements from Russia's leader, Vladimir Putin, that he sees this as an act of aggression.
No, we all hope that they are not so stupid to begin something so disastrous as the Third World War. We had two of them and many countries have just recovered from the Second World War. What would be the main reason for this conflict? They don't have any reason which cannot be solved in peaceful conditions.
No, Russia and the West will not engage in conflict. Nobody wants to disrupt the peace. It would be too costly for superpowers like Russia and Western countries to engage in all-out war, costly in terms of lives lost, lands devastated, military expenses soaring, and other factors. War is a last resort and I don't believe it will come to this.