If I had the idea, story, gameplay, artwork/graphics, and look of a entirely new game thought up, how could I turn this into a video game? Do they buy "scripts" or do I have to be in the biz? Is it best to just try and do it on your own (recruit programmers who will work for free, etc)?

Wotta good question.
I asked the same thing of a friend a while back and he said that basically the console manufacturers will not accept games from independents, but only from development houses that have a contract with the manufacturer. Something to the effect that you couldn’t legally market a game for their system unless they had “accepted” you’re company. Kinda discouraging, but I guess you could amass a bunch of people with the know how and try to start a company that they would approve of (I hope you know some business lawyers, because it sounded to me like a lot of that is involved).
This was more than I knew, but I can’t personally vouch for this being 100% accurate. We both worked for a company that put on electronic circuit trade shows and weren’t “in” the game business. If this is the case, beginning a dialogue with a company representative, even with a game in concept form, seems like it would at least be educational. (copyright your stuff before showing it, dude!)
I hope that I’ve spread no misinformation.

Sounds pretty close to right to me.

Essentially what you need is either a foot in the door with a studio, essentially be working there, or drum up some people and get a publishing deal with someone.

I don't know of anyway that would buy a game design from an outside source.

-Naan

You may want to try game design forums such as www.gamedev.net . You may be able to get in touch with some people with some programming or artistic talent to help bring your ideas to life. If an already existing (user-modifiable) engine out there exists (Unreal, Quake, etc.) that could help in bringing your ideas t fruition then that would help.

Some sort of finished 'mod' would definately help in getting your foot in the door. Also, I'm sure creating an entire game design document would be good practice.

Long story short: old boys network

Many companies were started by making very good mods for pre-existing games.