First off you have to keep in mind that even thought they are gone their ancestral DNA is still present and alive today. Even after you and I die, our genes continues to be passed via out children, grandchildren, great grandchildren etc. The same goes for Dino and their DNA. I mean take whales for instance, there are instances where baby whales are born with deformities where their fins don't for correctly and are born with a "foot" like appendage.
This goes back to their ancestry when Whales where land locked creatures. We know this today because if you look at the anatomy of a Whale you notice that they still have the structure of having 5 fingers and 5 toes in each of their fins. They also still have a mammalian hip and pelvis, which serves no purpose to them in their new habitat. Chickens are the same way, next time you eat a chicken wing wonder to yourself why it has an ulna and a radius bone. Also, tear away the skin from the tip of the wing we so often throw away and you will see the 3 fingers staring back at you.
Chicken and other birds still have the genes in them, they just happen to be turned off or dormant. Most of the times they only begin to turn on when an adaptation is needed. Think of it like money in the bank you're saving for a rainy day, if you can modify a chickens DNA and trick it to turn on the razor sharp tooth making gene and the scale making gene and so on then can in essence create a retro dinosaur.
We can look at a two day old chicken embryo under lab conditions and expect to see between four and eight vertebrae present in the developing spine but occasion we see birds developing 16 vertebrae which is effectively a reptilian tail. But as the embryo further develops, the tail became ever shorter and shorter until the chick hatches with and only has five vertebrae.
I mean the science is there and there aren't any barriers stopping us, other than the philosophical ones.
Edit: Check this out. Its the series as it was shown on the Discovery channel about a year ago.
YouTube - Dinosaur to bird evolution 1of5
XI Wiki


