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Iowa,
For one, I'd say that both the rep and dem parties lack any sort of governing philosophy or idealogy. Setting that aside I can draw you a basic road map of libertarianism. In general, Libertarians believe less government is better and we should have a minimalist government.
I've always found it easy to use a quadrant approach, although contradictions to this exist. Along one axis you have social control, and on another you'd have economic control. So, a 'conservative' would likely want strong social control (i.e. it's illegal to cuss in public, be nude, drink in public, engage in homosexual practices, use drugs, etc.), but would like low economis control (let companies do what they want, have a free and unregulated market). 'Liberals' could be generally lumped into the opposite spectrum of wanting high economic control and low social control from the government. In this view, Libertarians would be in the low, low quadrant. In the high, high you'd put you basic totalitarian systems such as communism, dictatorships, etc.
My understanding is that on the extreme some libertarians want just an army and a judicial system from a government. Everything else is superflous in their opinion.
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