First off I have your run of the mill GED knowledge in physics being 25 and in the health/fitness/nutrition field I obviously lost a bit of that knowledge.

however watching this youtube video (as i love to do) my curiousity was sparked at how legitimate this technology is

please watch: http://www.youtube.com/watch?v=efCelx7qe_M

first ignore the FREE ENERGY title Im not about to discuss wether or not energy is FREE or not.....

I would rather like to know if it is possible to generate significant enough power via batteries and a magnetic generator to power your daily house need.

the video doesn't explain in any great detail how the device works just mostly the implications of the device.

Can anyone guess how a magnetic/battery powered generator would work?

Ive always though magnets would serve a greater use than to hold family pictures on your fridge, I just wasnt sure how. The idea that two objects can attract and repel eachother depending on their orientation seemed extremely usefull to me but wasn't sure how.

bogus

It's a ripoff. The most infamous guy in the world for this sort of scam (he built the exact same machine about 20 years ago) is J. Naudlin. Chased out of France by angry investors, he moved to New Jersey and tried the same thing. After being sued by the N.J attorney general for fraud, he dropped out of sight for a few years.

Now days, he makes a little pittance by selling "free energy" plans and some other trivia (again, just plans and drawings) through the Internet.

someone should put him to jail for creating this scientific junk,

someone should put him to jail for creating this scientific junk,
False advertising, at least a heafty lawsuit of some sort.

False advertising, at least a heafty lawsuit of some sort.

False advertising is shakey ground. But if any investors DO get involved, you can be certain of lawsuits at some point.:D