New York, NY -- The term "burning rubber" may soon apply more to rockets than hot rods.

That's because SpaceDev, a company specializing in private space exploration, has created a motor that is fueled by a combination of rubber and laughing gas -- no joke.

SpaceDev CEO Jim Benson says the rubber rocket fuel is safe, cheap, plentiful and, best of all, can be safely transported without the threat of an explosion.

He isn't just shooting his mouth off: A manned rocket powered by the bouncy butane is blasting off Monday (Jun. 21) in Mojave, California, and is expected to reach an altitude of 62.5 miles above the Earth.

If successful, the astronaut in the rocket will become the first private sector astronaut.

That's only the beginning. Benson figures the rubber rocket puts his company on the fast track to winning the X-prize, a $10 million award to whoever can build and fly a three-person spacecraft in to space, return safely, and fly it again within two weeks.

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