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Well yes, if you go with the flow chart Ibby posted, then a third party still wouldn't have much of a chance unless they garnered a significant number of "first choice" votes. But I can also imagine a more mathematical system where, for example, your first vote counts as two points, and your second vote counts as one. Say the vote is split 40-40-20, with each major party's voters naming the third party their second choice out of spite. Reps and Dems get 80 points each, and the third party gets 120. Even if the third party voters went 100% in one direction for their second choice, the R or D would still only gain another 20, and lose.
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