Should the US have Privitization of Social Security?

There seems to be alot of media lately on SS Privitization.

What exactly would be Pritization?
What would be the pros and cons of having it?
Do any other countries practice this? and if so has it been successful?
Has there been any research on this method?
Is this really a way for Bush and his buddies to make money (Stock market)?
Are there any prominent debates going on? and between whom?

I would really like a full understanding of this proposed method.

I have posted this as 4 credits but it can be negotiated if you think more is needed?

Thanks