It is time for something else.
The history of third parties in the American political system is generally a.) ineffective or b.) destructive.
Better solution: Follow the same route as the Commies -- thru the 70s and 80s, the radicals took over the Democrat party. We can take over the Republican party.
It can be done. The Tea Party is a good start.
Sorry to bust your bubble, but Tuesday night at the RNC - Romney, the Ruling Class and Boehner all took part and changed the rules DESPITE vocal opposition to ensure such a takeover from within by Conservatives WILL NEVER HAPPEN.
In short - the GOP-e and the Ruling Class, that same bunch that cooperates with Obama's Marxists and gives their treason a full pass - they made sure that their power is forever guaranteed to run and decide the course of the GOP. Their rules change ensures NO CONSERVATIVE GRASSROOTS MOVEMENT ala the TEA Party/Palin or Ron PaulNuts can threaten their control of the GOP.
Bachman, Akin, and Palin are just a few current examples of the GOP doing everything they can to ostracize them and leave them out in the wind. They would rather a Democrat take any seats they are running for than let a Conservative have them - make no mistake.
If Conservatives want a voice in Washington - they are going to HAVE to start a new party and let the GOP go the way of the Whigs. There is no other option. Anyone who tells you differently is either a damn liar, part of the GOP-e machine or clueless of where Conservatism actually stands on the political battlefield.