The LP has been going downhill since 9/11, when the anti-war crowd became the loudest voices in the party. In 2004, they even ran a poll in their monthly paper as to whether talk show host Neil Boortz, who had previously been asked to speak at the LP national convention, should be 'disinvited' because of his pro-war stance!
I used to think that the LP had the potential to become a force to be reckoned with -- unfortunately that's no longer the case.
Maybe there could be a right-leaning third party that would acknowledge that the left is the main threat, and that if it looked like the Dem was leading in three way polls, the new party would agree to tell their people to vote Republican at the last minute.