Already been done, in a way.. To see a video demonstration, Please check out http://video.google.com/videoplay?docid=3940623695814013717#
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I think it is possible if we combine magnetic forces assisted by gravitational potential. Swing a magnetic pendulum between a magnetic field. I have not tested but I am going to test very soon and I will come back with a more sure answer.
energy can neither be created nor destroyed it can be converted from one form to another. energy dissappears and equal amount of energy appears
Energy can't be created or destroyed, and you will always waste energy in anything you do, so perpetual motion is a bit of a myth at this stage.
People often mock perpetual devices because obviously there is the conservation of energy laws that apply and make them impossible, but there ARE sources of near unlimited power available, like the sun or geothermal power or tide power, and exploiting those is damn near perpetual, so yes it's good to laugh at charlatans but it's silly to dismiss the concept of 'free' energy.
Magnets, gamma rays and leprechaun oil.
As Kelsey says, no can do. See this topic for a detailed explanation of why.
You can't. Get over it.If you have very good engineering and machining skills, you may be able to construct a flywheel which spins for extremely long periods (days or weeks) without power. You will have to be extremely precise about balance and alignment, and use ultra-low-friction (e.g., air or magnetic) bearings.As soon as you try to extract work (energy) from the flywheel, it will necessary slow down (lose energy) in the exact amount that you extract from it.