In the mid nineteenth century, one of the two major parties became more irrelevant to the real problems of the era, namely the question of slavery. They, the Whigs, were tepid on abolition, and were replaced by a new, vigorous party, the Republicans. In the 1856 presidential election, the Republican candidate, John C. Fremont came in second in a three-way race. Former President Millard Fillmore, now in another "third party", the American Party or Know Nothing's, came in a respectable third. Four years later the Republican candidate won and the rest is history.
In the late twentieth century and early twenty-first century, the Republicans became more and more ideological. Rather than work with some general principles to work out compromises to govern, many Republicans became naysayers. See "The Audacity of Nope", Eva Fairbanks, Washington Post, 2008-10-05.
Ms. Fairbanks, a congressional correspondent, describes herself as a "card-carrying moderate 'weenie'" and is not happy about the shift to ideology.
As the Republican Party sidelines more and more moderates in favor of die-hard ideologues, will it become less relevant and only be an irritant to the Democrats. What will happen with the sidelined moderates? Will enough of them get together to form a viable third party?
We have some inkling in Minnesota that this is possible. Dean Barkley, the Independence Party candidate for the Senate, is closing in on 20% according to some polls. I don't know how many former Republicans are migrating to the IP, but if any momentum gathers, a third party could be an active participant in the 2012 elections, and by 2020, the current Republican Party may be a minor party.