In Vitro Meat

So, PETA is offering a "reward" to the first person,or group, to create in vitro meat.
http://bit.ly/bOJPPE
What this means is, is that people can eat meat, nix the cruelty. Animals wont have to be slaughtered. But technologically speaking, are we advanced enough to create our own meat, from an animal stem grown in a controlled environment? Its hard to say, but If imagination inspired us to create things like TV, tape recorders(which were pretty cool in their day) and things closer to our eon like ipods,IPADS, and ebook readers, then why not put our minds to the test and create generic meat. Sure, What humans know about the human/animal body is still mediocre, but our knowledge is growing at an enormous rate. My only issue is that Peta is offering such a measly award for such an awesome idea which can potentially change the way people consume meat.