You've certainly heard the third-party mantra "vote your hopes, not your fears." This new fearlessness in voting is leading to a third-party revolution: many are finally coming around to the understanding that voting third party-- though, statistically/ historically, the proportion of voters who actually vote third-party are rarely enough to elect-- might lead one's vote to "not count" (often, many disappointed voters might misconstrue a party's loss into a wasted vote). Lefties are often on the front lines of this mentality (as many third parties, or perhaps the most prominent third-party, the Green Party, is a definitively liberal institution, as are others) and thus often vote Democrat, optimistic perhaps for a more likely win (artfully displayed in the 2008 Presidential Election, when Ron Paul became more of a young folks' pop culture phenomenon than a politician: getting a huge deal of recognition and support; finding his way into many a heated college conversation and, alas, not anywhere near the Oval Office; which really left me saying, hey, Ron Paul lost? Where are all the combative douche bags I've been talking to all year?*).
So anyway. The question becomes: why do people even vote third-party? In a word: leverage: not in a hostage/ collateral type way; it's more like people are willing to SHOW their votes to the Dems and the Repubs, saying, "hey! I figured we weren't going to win. But it was worth it enough to me to cast my vote this way just to show you that I was willing to do so." The result? The more third-partiers that get out there, the more the "status quo," as it's been called, of the Two Party mindset is shifted to realize that, hey, maybe there really are more than two main ways think; thus gaining power within the House, Senate, and even within the Cabinet itself and other policymaking bodies.
Finally, your Third Parties, (deliberately) in no particular order.
Green Party of Michigan. Perhaps Michigan's most prominent third party, the Greens represent those whose primary concern in policy and action is the environment and resources, as they observe a state's inability to function without those things (not to mention its impact on the everyday lives of citizens). With famous Green Partiers making it into national headlines and races, and often being popular with younger crowds (Ralph Nader comes to mind) the Greens often are misrepresented due to the proportions of voters who follow them, but don't actually vote.
US Taxpayers Party of Michigan. The USTPM is a religious party (in their their Preamble, they state that as a group, they "gratefully acknowledges the blessing of our Lord and Savior Jesus Christ as Creator, Preserver and Ruler of the Universe and of these United States. We hereby appeal to Him for mercy, aid, comfort, guidance and the protection of His Providence as we work to restore and preserve these United States.") which does not recognize the United States as a democracy, but rather as a Constitutionally Limited Republic, meaning that they (obviously) place an enormous amount of emphasis on the state Constitution (and, perhaps even moreso, the US Constitution) itself. In a nutshell, the USTPM is a highly-conservative party, very concerned with tradition and preservation of the original Bill of Rights.
Libertarian Party of Michigan. The Libertarian Party is for those who might describe themselves as politically "moderate:" the middle of the road. On the Left/ Right political continuum, Libertarians straddle the red/ blue line and hold beliefs that Democrats and Republicans, respectively, agree with as well. Libertarians are non-interventionist but not anti-war; pro-legalization of marijuana and also support the right to bear arms; separate church and state but anti-affirmative action. Liberal, but... not? Casting one's vote for a Libertarian, though it might not result in a win for the party, demonstrates one's socially- liberal, but often fiscally conservative beliefs. This is a party that might have been supported by the ancient Greeks' motto of "nothing in excess, everything in moderation," as well as my former high school history teacher's addendum to that: "...even moderation."
Socialist Party of Michigan. A nice counterpoint to the moderate Libertarians is the Socialist Party. While the name "Socialist" in America has a stigma that is certainly residual of the Cold War, the SP folks are trying to lessen the fear it strikes in the hearts of conservatives and help socialism work its way back into the main stream. The main goal of the Socialist Party is to help the individual regain control (as opposed to Big Business or the government). Socialists live by, and vote by, the idea of "what's good for you is good for me:" every aspect of production and consumerism should benefit every voter and his or her neighbors. Think of LOST: live together, or die alone. (Kinda.)
Tea Party. The Tea Party Movement is a brand-new force in American politics-- which is yet another reason why the 2010 election is incredibly important. The Tea Party emerged essentially in response to several radical Federal movements executed by the Obama Administration, and its name is (of course) an homage to the Boston Tea Party: the outcry against the "Intolerable" acts of the 1770s and those which preceded them, out of which rose the resounding call in American history, "No taxation without representation." The Tea Party rages against the new liberal measures and policies it feels do not represent the American citizen. As far as its political beliefs, 73% of Tea Party supporters reportedly disapprove of President Obama's policy of engaging with Muslim countries; 88% approve of the controversial immigration law recently enacted in Arizona; 82% do not believe that gay and lesbian couples should have the legal right to marry, and about 52% believe that "lesbians and gays have too much political power," (according to the Huffington Post).
*anecdotal and not a representation of Ron Paul or his followers.
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