In short, this device straps around a nearby light pole and then carries your bike high into the air (and thus, faraway from the hands of thieves) via a remote control. The only problems? For one, it's huge, and should prove worrisome to carry around. Secondly, you'll be in a whole heap of trouble should some other prankster decide to hike his / her bike up the same pole beneath yours.Check out the video below showing the design and development of the working prototype.
Pretty slick idea... just be careful not to lock your bike up on a windy day.
Wind + gravity = unhappy people with lawyers.