I was sometime ago reading  this
http://www.rcindia.org/beginners-zone/a-forum-specially-dedicated-to-beginners/msg48218/#msg48218

that's when i caught up with a nice idea
I know this would a downer for those Flight masters but still a great deal for aeromellers looking for something different

The idea      
"
Has anybody Tried making a autonomous plane which would fly in a predetermined circuit/way.   
so that it would go and come back and land in the same place frm where it flew.
i atleast think if not planes atleast helis could be used to do that .   
"
[Before anyone replies i warn of crashes in future  ]

http://www.diydrones.com (one of many). 

http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=rc+plane+gps+waypoints&safe=active

The keyword is "waypoints"

they are there already, flying the skies, Global Hawk (http://en.wikipedia.org/wiki/Northrop_Grumman_RQ-4_Global_Hawk) 20 years back it was raptor and Talon project.
during bekka valley operations Samson and Delilah did thier job (http://forums.gamesquad.com/entry.php?573-WOM-Designer-Notes)

Well I can't say about the autonomous bit -
but much of your other criteria is fulfilled by a
free flight rubber power model.

R/C planes can have GPS co ordinates pre programmed on them and they can fly on their own.

But the Global Hawk that augustinev mentioned is the best of the best.It can stay airborne for a very long time>24 hours and at a very high altitude.

i think anwar sir got it somewhere near
what i was talking was not big budget ones or ones with military applications but something people like me or you could  do it alone
on a small plane something on a budget

Not an experiment but a tested one!  Anyways nice collection of info though

@anwar sir :  thanks for that keyword got me to that point  thankyou!   

What i found through those links enabling a magpie to go alone is going to burn a real big countersunk  hole in my pocket

   A gps receiver is all i need <free    >   Rs: 10,000 

So seeing that site itself i turned a new leaf in my life now since that's really not possible for me to make

the same question again :  Is anyone here ,  really making something like that?       
Though this one is the most intriguing for a glider http://www.u-nav.com/picopilot.html 
but the article on magpie was the best answer to my query.

Is there no other way to get around gps kind of stuff?