Craig Venter is the guy that headed the Human Genome Project. Since the completion of that project he has been working on creating artificial genomes and life. Check out the news article and the journal article:
http://www.reuters.com/article/idUSTRE64P6OZ20100526
http://www.sciencemag.org/cgi/rapidpdf/science.1190719v1.pdf
Watch this video, it is very helpful:
http://www.guardian.co.uk/science/2010/may/20/craig-venter-synthetic-life-form
This accomplishment repressents an important part of theoretical biology made reality. The possible utility of this technology in the future are nearly endless.
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