The Whigs were a very old party in the United States, very influential, typically conservative. They would often go in and out of power in cycles with other major parties, and would often portray their enemies as unsavory, unpatriotic leaders from around the world (there was a very common comparison of Andrew Jackson with the King of England. A man who would tread on the Constitution.) Then, as there was a massive wave of immigrants from foreign countries, changing demographics and social scene in America, they fell out of power: Sharply. And thinking it was just a part of the normal cycle of political power, sat it out. Sticking to their old dogmas, changing little to none at all. Sounding familiar to any other party yet?
In 2006, the Republican party saw a clear trend against them in the election polls, losing dozens of seats in the House and Senate, as well as many governor spots. Still, little to nothing changed within the party. In 2008, no new faces ran for the Republican spots, typically older, well established, very Conservative members ran. And, lo and behold, they lost the seat at the top. EVERY branch of government had made a clear trend toward the democrats, a typically more liberal party. Yet, we're still not seeing any new, energetic members taking the reins of the party, taking it a newer direction, even though they are there. Such as the governor of my home state, Mitch Daniels, or even Bobby Jindal. But it's still people like Newt Gingrich at the head. People that America has rather clearly shown the don't approve of on the whole. With what is going on now, just trying to wait this out won't work.
What can work however, is getting some new faces in the running. I personally think Governor Daniels would make an excellent Senator. He is a Republican who has brought huge revenues to Indiana, invested into getting Hoosiers healthier(HIP: Healthy Indiana Plan), invested in education, invested in home grown alternative energy (although corn ethanol wasn't the best direction to take with that) and even lowered taxes all the while. Hell, my home value went up by 45k this year. And even though Indiana voted democrat for the first time in decades... the people love him. I myself a liberal support him. Imagine a man like that at the Republican reins in the Upper House.
As well, being more open, and just a PINCH more liberal will turn the tide. Like having a smart immigration plan with a clear path to citizenship, being open to gay rights, and toning down the religion for cripes sake. A party that is Conservative, but has good ideas that can genuinely help the United States.