You could also work with an absolute position for the right side column. Consider this example:
.parent{
width:100%;
height:50px;
background:#888;
position:relative
}
.left{
float:left;
height:100%;
width:50px;
background:green
}
.right{
background:red;
position:absolute;
bottom:0;
left:50px;
right:0;
top:0
}
Also see this Fiddle. Note that you would need to set position: relative on the parent container for this to fly.