So far, several methods have been attempted to try to stop the leak, but these are only temporary measures including setting the oil on fire (scariest, ocean is on FIRE), using dispersants to break apart the oil (unknown if totally safe yet), using a well to siphon the oil (not that effective).
From U.S. Coast Guard
In this new method BP is trying next week, viscous liquid will be poured into the leak to stop the oil flow and the leak will be sealed with cement.http://cnn.com/video/?/video/us/2010/05/21/mattingly.bp.top.kill.cnn
You can also watch the oil spill live at:
http://globalwarming.house.gov/spillcam
(Warning: It's frustrating to watch the vast amounts of oil pour out out out into the ocean.)
Heard on NPR. Tom Hutchings, an environmental consultant says, in response to BP saying that the oil spill is tiny compared to the vast ocean,
"If a BP exec wants to call something tiny, call the effort tiny."