The Democrats have always had an advantage in party registration over Republicans. I think that's because Democrats have tended to be a more catch-all party. In the forties and fifties more than a majority of Americans were registered Democrats, although those days are long gone. But independents have often sored over Republicans, and in most of the 90's there were more independents than Republicans or Democrats.
This, of course, isn't taking into account the fact that many states don't even require registration.
Jarod, it isn't like this isn't anything new. And it doesn't make the Republicans a third party, being as that most "independets" obviously vote for one of the two parties.