1/2a Hovercraft!
It is a 1/2a hovercraft powered by a cox .049 product engine. The construction is pink insulation foam, balsa and ply. The skirt is just fabric pinned onto the sides of the craft and then folded and pinned to created a pocket of air. It holds air very well for only being pinned. Control is provided by way of a 2 channel Futaba radio and two standard sized Futaba servos(s3003). One channel controls the rudders and the other actuates the lift deflector which controls the hover height and allows the un-throttled craft to stop quickly.
This thing really zips along at top speed. The craft stops in only 2-3 lengths when the lift deflector is shut. It turns very well and can even do 360s nearly in place (rotates around its nose.)
I have some pictures that I can post if anyone's interested. I also have a short movie of it running but don't know how movie posting works (or doesn't work). The movie is in .mov format if that helps.