I think Voldemort could conceivably win, but it's more likely than not that Rand would. The only way Voldemort wins is if he goes for AK and gets it off first, and Rand tries to block it. There are a lot of ways Rand can win:
1. Rand balefires Voldemort before or at the same time Voldemort uses AK. If they're both hit Rand wins because the balefire will erase Voldemort to before he used AK.
2. Rand dodges AK and defeats Voldemort with his generally superior magic.
3. Rand cuts off Voldemort from his magic at the start, if magic in HP is close enough to channeling in WOT for him to do that (and if it isn't, there's an argument that there might be something magical in WOT that can block AK too).
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90s games > 00s games