Here's the best theory I've heard:
My theory:
Dharma:
A pharmaceutical company that is either aware of a virus or planning to create a virus that has no vaccine and is capable of killing million.
The island:
A remote tropical island owned by dharma, unknown to most maps, believed to be uninhabited. Used as a testing facility/ scientific experiment, they are developing a vaccine for the virus and this is the testing ground.
Danielle:
The first person to be exposed to the virus and survive without receiving the vaccine. This occured approximately 16 years ago, however, Dharma began the experiment about 40 years ago, hence the age of the hatch etc.
Ethan, and the others:
Ethan Rom, anagrammed AN OTHER, or MOTHER, or OTHER MAN, he is part of a group of individuals that volunteered to receive the vaccine for this virus. The vaccine has many side effects, one of which is great strength.
Adam and Eve:
A couple of the first people to be introduced to the virus. Died. According to Jack..."Adam and Eve were found at the waterfall when Jack and Kate first discovered it." Jack estimated that it would take 40 years for their clothes to deteriorate as they had, 40 years ago is also about the age of the objects in the hatch, maybe 42 years ago!
The passengers of flight 815:
A group of hand selected people chosen by Dharma to go to the island because: #1 their genes are similar to Danielle's (hence no sickness, yet) #2 various races, to test the efficacy of the vaccine or genes through out different races of people. By the way, I think either Sun or Jin will die soon, and I knew either Boone or Shannon were going to die, because they aren't blood related, and probably one or the other doesn't have the necessary genes to survive.
Locke:
He is the man in the hatch at the beginning of the episode when everything is clean in the hatch, he worked for Dharma 40 years ago and now he has returned, he was a scientist and is aware of much but not everything, that's why he knows the island so well, and is able to predict the weather, etc. Dharma may have sent him back to the island to rescue Desmond, or he may be there to protect the survivors from the flight.
Desmond:
He is the current scientist in the hatch, monitoring the island, he is taking the vaccine, and Leonard is another previous scientist that was assigned to the hatch.
The shark, polarbears, etc:
this is another experiment that is testing the use of the vaccine or the effects of the disease on various animals
Claire's baby:
This baby was vaccinated in utero to test the efficacy of the vaccine throughout the lifespan.
The numbers:
The genetic code that each of the ultimate survivors have in common.
Well that's pretty much it, pretty good huh? Let me know what you think!