You know, I've always wondered how the writers managed to convince people that lightsabers were laser based in the first place. Ok, ok, sure it was written in the 70's when lasers were exotic, but the principles of the blasters are based upon plasma weapons so I'm curious why they changed it. A laser couldn't deflect a plasma bolt (or for that matter a laser bolt), but a plasma blade could conceivably deflect a plasma bolt with it's containment system.
So, I figure that the correct way to make one would be, first invent shield technology. If you could create a shaped semi-permeable shield and filled the inside of it with plasma it should work as the movies suggest. The establishment of the shield could take a bit of time (the growing of the sword) whereas a laser based saber would grow at the speed of light (and never terminate). A beam of concentrated plasma would definitely cut through just about anything provided you had an energy source to keep the plasma excited.
Maybe other nerds have also noticed that the light-end of the saber has mass (notice how it spins when they throw it). Plasma has mass while laser doesn't... So really, I think all you need is shield technology, a fusion power source, and some light elements. Humm, I'm sure I've got all of that around here somewhere
It's be diffucult to engineer a containment field that allows matter to enter, but doesn't allow plasma or heat to escape. Spinning a blade made of 3000K plasma would give you some serious 3rd degree burns...