is it possible to have my cellphone send periodic text to another phone stating the location (GPS)? concider: Assume i have lost my phone and would obviously like to have it back. is it possible to design an application that will periodically (automatically say after 60 mins passes) send a text to a different number stating the current location?

Your could write a simpel app if you're running Android. There are already applications that do this, though, so if you only want to track your lost cell phone I would recommend checking your phone's marketplace first.