Elmo Live is bound to be one of the most popular toys for Christmas 2008. Perennial children’s favorite Elmo made his debut in the early 1970s on the television show Sesame Street. The muppet has become one of Sesame Street’s most beloved characters, starring in two movies and, at one point, having his own TV show.

Initially, children who wanted their own Elmo could play with a small stuffed animal or hand puppet. But in 1996, Tickle Me Elmo was released, making for a laugh and becoming one of the hardest toys to find of that and many other Christmas seasons.

Now, the creators of Elmo Live are optimistic, despite the weakening economy, that they have created the must-have toy for Christmas 2008. Elmo Live is a significant departure from Tickle Me Elmo and TMX Elmo, which was released in 2006. Toy industry Experts are touting Fisher-Price’s animatronic toy as “a game changer in the industry.” Gadget bloggers call it the “most expressive toy” ever.

In fact, its movements and mannerisms mimic those of TV’s Muppet Elmo so perfectly that some very young children might think the robotic toy is literally their red, fluffy friend who came off TV to play with them in person.

Elmo Live has to be seen to be believed. She sings, dances, laughs, crosses her legs, waves her arms and sneezes. It even sounds like its namesake from Sesame Street. And he comes with the six AA batteries needed to power his antics.

It’s easy to see why Elmo Live is added to holiday gifting lists as a must-have toy. Unfortunately, it’s out of stock and backordered at many stores across the country and some online sites. Elmo Live is clearly a red-hot Christmas toy, sure to be a big hit with the boys and girls whose parents were lucky enough to find one.