It would not be very difficult to 'fix' the electoral college system to give third party candidates a fair chance. How? Simple, just do like Nebraska and Main -- have the electors in each state be devided proportionately based on the percentage of votes received. So if Bush gets 40%, Gore gets 40% and candidate X gets 20%, then Bush would get 40% of that state's electoral votes, Gore would get 40% and the other candidate would get the remaining 20%.
Doing it this way preserves some of the balance the electoral college brings, while still allowing third party candidates a legitimate shot at winning electoral votes and becomming a political force.
Each state has good and bad, and the values of a small number of states should not be forced on the other states. The values of the people in Montana should not be forced unto those in California -- and conversely the values of the people in California shouldn't run roughshot over those of the poeple in Montana simply because there are more people in California. You have to keep some balance.