I'm wondering if it is possible to use a MacBook as a secondary display for an iMac, I know it's possible to use the iMac as a display for the MacBook but I wanted to use it the other way around.
http://synergy-project.org/ might be a good alternate idea for you. It doesn't make one act as a monitor of the other, but it allows you to control both from one...
Synergy looks perfect and its also a lot cheaper than buying a thunderbolt cable. Went to the Apple store yesterday and the bloke in there was pretty useless, saying it can't be done.
Sorry I had not realised they'd switched to a paid model with the latest versions (a very small lifetime fee, worth it considering the improvements they made). The old and less easy to use, but FREE versions can be found http://synergy-project.org/download/free/
No worries, I was pretty happy to pay the $10 dollar for the version that suited us. Tested it briefly yesterday and it is pretty much what we were after, a slight lag on the wifi but it will be fine on the ethernet.