Go to the moon?

There are talks about building a moon-base, and like big fictional space-ships, it will have an Earth-like living conditions. Maybe harness some minerals in the moon as energy source, and build a 'home' outside our planet using recycled water, algae-sourced O2, etc.

Could this be done in the next 50 or 100 years? Can we really create 100% artificial and completely functioning eco-system? Even if we could, how long will we be able to sustain life outside Earth?