Computing technology will grow by a factor of more than a thousand in the next ten to fifteen years. Our goal is to follow this computing revolution from teraflops (1012 flops) to petaflops (1015 flops). Using this unprecedented computing power, available for the first time in the history of science and engineering, it will be possible to carry out realistic simulations of complex systems and processes in the areas of materials, nanotechnology, and bioengineered systems. Coupled with immersive and interactive visualization, this will offer unprecedented opportunity for research as well as modifying graduate and undergraduate education in science and engineering