What the US needs is a proper multi-party system. Not just an extra party, but a whole bunch of parties that aren't bloated, big-tent, paradoxical monsters. Currently, you have a party broadly supporting less government intervention in economy and conservative social policies and a party broadly supporting more government involvement in economy and progressive social policies. What happens if your views don't align with that. What about if you support the right to choose and gay marriage, but are a big fan of balanced budgets and reducing debt? Who are you to vote for? Or if you love being on welfare, but hate Muslims and Mexicans? What about the Christian Left? There are parties in Europe that promote the idea of Christian Socialism. And what of ethnic parties? If I were a Latino living in the US, I cannot for the love of me figure out why I would vote for the two major parties if I had a party devoted strictly to pursuing Latino interests to vote for? Or a regional party like a Southern party?
The bottom line though, is that these parties would stand for something. Not be big-tent coalitions broad enough that at any time, they could place themselves just about anywhere on the political spectrum if it means getting votes.