Teddy Roosevelt pulled his delegates out of the 1912 Republican Convention and when asked if he were in good enough health to run for President, he said he was a healthy as a Bull Moose.   http://en.wikipedia.org/wiki/Bull_moose_party

Many people have proposed that a new party be formed, a party of virtue and integrity, unfortunately, these types of parties never have any money (with the exception of Perot) and they sit and wait for the new awakening.

However, it does seem that many conservatives are not prepared to vote for McCain under any circumstances.  Better Hillary than McCain, says Ann Coulter.

http://www.newsmax.com/insidecover/ann_coulter/2008/02/04/69907.html?s=al&promo_code=4464-1

Which leads to the possibility of a Bull Moose Party.  Will enough Republicans simply split the Republican Party that they will willingly vote for Hillary, or try to reincarnate the Republican Party as the Republican Party with a Republican Candidate for President.

The most logical pairing for this would be a Romney-Paul ticket, under some new party name, “Bull Moose?”  Doubtful that it would win the election as Wilson had 6.1 million votes, Roosevelt 4.1 and Taft 3.5.  Thus the Republicans lost the Presidency and Wilson was elected.  

Would Romney countenance such a thing?  Most likely not.  He is not by nature a radical, nor an indepdent thinker. He has made his livelihood by consensus decisions. 

Ron Paul could run on a third party line, but it would be a significantly diminished challenge.

Paul Streitz