Can Fred Thompson rescue Republicans in 2008?

NEWPORT BEACH, Calif., May 7 (Reuters) It could be the defining role of Fred Thompson's varied career -- the reluctant politician who saves a foundering party, restores its conservative principles and keeps it in the White House.

For Thompson, the drama is real enough, even if the final act is uncertain. The former Tennessee senator, Watergate counsel and star of films like ''The Hunt for Red October,'' has been exploring a potential 2008 Republican presidential run and is expected to make his decision known soon.

Thompson's possible candidacy, fueled by conservative dissatisfaction with the current crop of Republican candidates, has generated intense grass-roots interest and curiousity.

Thompson, who plays a district attorney on NBC's ''Law and Order,'' already places third among Republicans in most polls, behind former New York Mayor Rudolph Giuliani and Arizona Sen John McCain but ahead of eight other candidates, including former Massachusetts Gov Mitt Romney.

His national celebrity, folksy Southern demeanor and conservative views could be an attractive combination for Republicans demoralized by November's election losses and President George W. Bush's plunging popularity.

''From a conservative Republican point of view, all of the current candidates are lacking something. People think Fred Thompson can be the guy to fill that void,'' said Scott Graves, editor of Red County magazine in conservative Orange County south of Los Angeles.

At a Friday night speech to the Lincoln Club, a prominent Republican group in Orange County, Thompson frequently invoked former President Ronald Reagan as he pledged loyalty to bedrock conservative principles of lower taxes and smaller government.

''So many of our problems seem to be getting larger and so many of our politicians seem to be getting smaller,'' he said the day after the 10 Republican contenders met in their first debate just down the road at Reagan's presidential library in Simi Valley.

STRONGER BORDERS Thompson, an opponent of abortion and gun control and a supporter of the Iraq war, sprinkled stories of his days in Hollywood into a speech calling for a decentralized federal government, stronger borders and reduced barriers to trade.

Larry Smith, owner of a Newport Beach investment firm, said Thompson's ability to speak simply and directly about issues could be what Republicans need after six years of Bush.

''I think communication has been a real problem for the Republican Party,'' Smith said. ''We need a better communicator and he has a unique and straightforward way of talking.'' Thompson, 64, has reached out for advice as he nears a decision on running, meeting with members of Congress last month and conferring with fellow Tennessee Republicans like former Sens. Bill Frist and Howard Baker.

He also recently disclosed for the first time that he suffers from lymphoma but it is in remission.

Thompson was Republican counsel on the Senate Watergate committee in the early 1970s before launching his acting career. He served eight years in the Senate but declined to run again in 2002.

If he does enter the presidential race, he will be well behind his rivals in fund raising and organization. But his celebrity will help him raise money and advisers are exploring ways to use the Internet to allow Thompson, an avid blogger on conservative sites, to communicate directly with voters.

Thompson has two small children with his second wife and has made it clear he does not relish the pace of campaigning.

''He knows he has to do it differently and he wants to do it differently,'' Thompson spokesman Mark Corallo said of a possible bid. ''He has no interest in running a traditional campaign.'' Former House Speaker Newt Gingrich also is considering a late entry in the race and will make a decision in September. Once in, however, either candidate is likely to find the going tough.

'''Almost' candidates always look better than real candidates until the moment they become real candidates,'' said Republican consultant Dan Schnur. ''You always want what you don't have.'' Reuters LPB DB0934