What were the ramifications caused by World War 1 and what would happen if Germany and Russia didn't get involved?

The main ratification caused by WWI was the treaty of Versailles. This treaty ended the war and treated Germany pretty harshly. The treaty demanded that Germany "accept the responsibility of Germany and her allies for causing all loss and damage" during the war. The treaty also demanded territorial concessions from Germany, limited their army to 100,000 men, required the "Rhineland" region of Germany to be occupied by allied troops for fifteen years, and finally required Germany to pay 20 billion gold marks in reparations to the allies.

The treaty made the Germany economy plummet as they were struggling to pay off their debt. Inflation rose. These circumstances were prime breeding conditions for extremism. The Nazis were the result. They took control of Germany and the world was on the road to WWII.

Edit: I forgot to answer the second question. If Germany and Russia hadn't gotten involved the war wouldn't have turned into a world war. The conflict would have merely been confined to the Balkans because Germany was defending Austria from Russia in WWI. If Russia was never involved, most likely, Germany wouldn't be either.