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uh, i believe space elevators can be made out of carbon nanotubes, or some form of carbon like that. it's not diamond, but close. we can make that artificially now (it is rather expensive though).
as to the structure twisting in the wind, do you know how a space elevator works? a long ribbon of carbon nanotubes is stretched into the upper atmosphere, and is attached to a satellite. then, at the bottom, you attach modules, which crawl up the ribbon on electrically powered motors. get to the top, use earth's spin to fly away. or, have a spaceport at the top, which allows you to transfer to a deep-space ship (one which would be assembled in space, and never go far into a planet's atmosphere).
i believe the technology is there, it's just rather expensive at the moment.
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