Now that sounds interesting. That would bring Pontiac back LOLThere was a piece about this on NPR this morning. Essentially, they mapped an entire bacteria's genome, and stored it on disk. Then, using the a computer and four vats (one each for the four chemical components of DNA), they re-created the entire DNA strand from scratch. This is the proof of concept, just scratching the surface of what is possible.
Venter than went on to describe a scenario where they design a algae that eats CO2, and excretes hydrocarbons (fuel). Imagine solving the fuel crisis and global warming at the same time.