Technically speaking, BALCO is extinct, but Victor Conte is a free man and still running a business called "Scientific Nutrition for Advanced Conditioning" or "SNAC." After serving a four-month prison sentence prior to pleading guilty in 2005, he now sells various supplements and vitamins. Patrick Arnold and Greg Anderson each served a three-month jail sentence after pleading guilty with Anderson serving an additional three-month house arrest sentence. Recently Anderson was incarcerated again after being found in contempt of court for refusing to testify about Barry Bonds and Gary Sheffield’s use of banned steroids.  BALCO is not completely dead however; on the SNAC website, Conte has BALCO apparel for sale. 
What is it? An anabolic steroid (a steroid that acts as the hormone testosterone) that occurs in small amounts in the human body.
Medical Use: Used to treat osteoporosis in postmenopausal women, to aid in the growth of blood cells in bone marrow, and to help tissue and muscle growth in people suffering from degenerative diseases like AIDS.
Athletic Use: To grow muscle mass and aid in physical recovery from workouts.
Possible Negative Side Effects: Cardiovascular damage, sexual dysfunction, liver damage, acne, sterility, baldness, enlarged prostate.
Is it legal? Available only by prescription.