Same thing we hear every election cycle and it's not going to happen. There is already a 3rd party, the Constitution Party, with a platform that should appeal to many disaffected conservatives who want to abandon the Republican Party.
The Constitution Party's stated goals:
The party's goal as stated in its own words is "to restore our government to its Constitutional limits and our law to its Biblical foundations." [4] The party puts a large focus on immigration, calling for stricter penalties towards illegal immigrants and a moratorium on legal immigration until all federal subsidies to immigrants are discontinued
The problem is the great bulk of people are never going to support a 3rd party because it ends up being a wasted vote. No matter how much people scream, wail and cry about it, we live in a 2 party system because our elections do not allow for coalition building government.
Our opportunity to really make a difference is in the GOP primary, and unfortunately, not enough people agree with us on which direction the party should go. Forming a new party is not going to make those people agree with us any more than they do now - and the vast majority who suggest they'd be willing to vote for such a thing would end up right back voting for the GOP candidate because he/she is the only one with a chance to actually beat the Democrat competitor.
The 3rd party thing is a fantasy. There is a reason even a gadfly like Ron Paul gave up on the Libertarian Party and is using the GOP label. Conservatives simply have to put forward excellent, charismatic candidates to defeat the always cautious, milquetoast establishment. We didn't do that this time around, and the last time we did was with Ronald Reagan.
I said “replace,” not “compete in tandem with.”