Stuntlife wanted me to register - and I couldn't be bothered.
Topic has been covered a lot, couple of links for ya...
http://video.google.com/videoplay?docid ... motorcycle
http://www.ksrc-au.com/html/how_to_chuck_a_wheelie.html
Firstly, consider the ramifications of monos, and the various results. Above mentioned wear and tear (Add chain, sprockets, clutch and rear tyre) + possible convictions for not being in control of your vehicle, dangerous driving and even hooning. Also, what effect would dropping the bike have? Cost of fairings, bars, tail and subframe, damage to kit/hat, personal injury

Is it worth learning the technique in this manner? For the price of 1 drop, you could buy an unregistered trail bike and practice on nice soft grass - low cost of drop repair and miminal risk of injury.
Also, don't expect to be hooking it up big time from the start - this WILL put you on your arse. Start small, off the power not clutch and aim for maintaining the wheel in the air over distance, not how high the wheel goes. General technique is to rev to about 6k in first, open throttle to end stop and back it off as wheel rises. First attempts usually don't lift the wheel, and when it does you'll shit ya self and slam it straight down. If after a number of attempts the front is staying firmly planted, turn off bike and twist throttle half way then twist as above. Is it really at end stop? Probably not. Try again with your hand rolled around the grip so its easier to open it more.
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07 ZX10R since new, tracky TBA, KX450F, 87 CR250 restoration, GT MTB - I've got serious thrill issues, dude