Everyone always says a third party can not win, but I am not convinced of that. The GOP has turned itself into a progressive party while the Rats have gone totally Marxist. Ergo there is no conservative party to vote for. Since most people in the country are conservative to one degree or another I think a real conservative party might have a chance at winning. Certainly having to choose from Mitt/Newt or Obama is going to be a real turn off for many conservatives.
It's almost a veritable Hobson's choice between the two major parties instead of a real choice. They are so much like to peas from the same pod. Or two puppets in the same puppet show.