[QUOTE=BrainGlutton]
If the Communist Party achieved that, I would not, based on history, call the results “chaos.” Quite the contrary. 
[/QUOTE]
Well, yeah… But -
Based on history? Much like libertarianism, isn’t communism more of an ideal than an achievable goal? I don’t know of any true Communist countries, much less any that had only one party, were in existence for any appreciable period, and answered to no one but themselves. Corrupt Marxists we had in abundance.
BobLibDem, sounds like what would happen if the Republicans got the power that was proposed in the OP (opportunity for someone to interject the obligatory “libertarians are just republicans in disguise” comment… You’re welcome). Honestly, I can’t imagine a functional true Democracy in a country of this size, but that doesn’t invalidate the concept entirely IMHO.
To seriously answer BrainGlutton, first remember that just like any other party, the Lib’s aren’t a monolithic culture who blindly follow the party line. So even if they had all that power, there would be infighting between various factions that would sabotage the process. Also, I’m fairly sure there are checks and balances inherent in the system (now) to prevent some of the more outrageous ideas.
Since the party website was given, from the source -
“Libertarians believe you should be able to opt out of Social Security” this might lead to the elimination of SS, if it went on long enough. But I suggest that they wouldn’t stay in power long enough to do much long term damage. (Point of reference, the site mentions Britain and Australia as models to replace SS.)
Crime. While legalizing drugs and prostitution could free up resources, I feel that an increase in druggies would increase several crime rates (thefts and assaults, using non-legalistic definitions) and a good portion of non-pot related drug arrests would happen anyway (I’m in favor of legalizing pot, but not the “hard stuff”)
Environment. A little idealist on this issue, and harkening back to my hero, Thomas Paine, private ownership of public lands is anathema to me. I fear that the environment would suffer in the hands of the Libertarian party if they were in power for more than one term.
Taxes and foreign aid. Tricky damn subject, these. I’d like to seriously reduce our foreign aid, especially since it doesn’t buy us much goodwill when coupled with our other foreign policies. I also can’t see letting people starve just to save me a couple bucks per year on taxes. They make what I think are good points on their site, but I’ve no way of knowing if their solutions are obtainable or not. Reviving failed economies by Big Business is fraught with peril, especially without government oversite. Another miss, I’m afraid.
Gun Laws. You know how I am… Repealing the vast majority of our gun laws would do nothing but help this country. Coupled with the Libertarian views on crime (kind of Wiccan, they are - an’ it harm none, do what thou wilt), anyone using a firearm to harm another except in self defense would face severe financial repercussions as well as prison time. This will scare a lot of people, but I’ll chalk this up as a hit 
I could go on point by point, but if the Libertarians got control, and followed their own ideals, I’d say that the country would be better off in some ways and worse in others. There might be a sharp increase in violence, followed by an even sharper decrease. The economy could get better, but workers could be worse off until the Unions came back, at which point the system would readjust. (Libertarians have never called to outlaw organized labor, and would probably reduce the government restraints on unions)
No one party is perfect for the U.S. We have an elaborate system of checks and balances in place to temper the best and worst of those in power.
A true Libertarian State… Who knows? Maybe people aren’t as bad as I think and would help each other out. Seems that welfare and etc. came about because we want to help our fellows. I don’t think it’d work out as some authors seem to think (L. Neil Smith, for instance), but it wouldn’t be as bad as some others seem to believe.
And I’d probably be fired for screwing around this much at work…