I really liked the old bukkit portal plugin. Can anyone make one like that?
Stick Portal Plugin for Bukkit:
Portal Gun for Bukkit:
It should be possible to do, except for the water. There's no way to stop water from flowing once it reaches the portal, it would just continue through.
Well you could place a block, use block id 36 it's invisible and it stops the flow of water/lava

I did a basic portal gun plugin, but it was very simple, and the portal gun was a diamond xD.
Maybe some day I'll continue it. Right now there are a lot of bugs and it's not that great.