What if I have an amazing new concept for a video game? What's the best route to develop idea into reality?

I have an amazing idea for a video game--web based. So I can start the website but the problem is it would be very heaving on the programming side to build the engine. However, this is made easier by the fact that it is not graphics centered, therefore much easier to construct and likely not as costly. I have a few friends in the tech world but not sure how I would go about funding it. Should I create a in-depth business plan and seek funding from a Business Angel or VC?

Yes, your next step should be to write an in-depth business plan. You should also have an in-depth design document, and a design overview to show to VCs and angel investors. You need estimates of how much it will cost to develop and launch your game, how much to market (and ship, if you have a box product), how much your servers will cost to maintain monthly, etc. Included in your business plan you should have concrete, in-depth info on how your game will make money, and projections on how much money your game will make in the first six months, year, two years, and five years. You should include conservative projections, and "best case" projections.

Take all of that to VCs and other investors, and possibly to game publishers if that fits with your business plan, and pitch your game. You may need to go to many, many VCs over the course of months or years -- I've worked with top tier Lead Designers/Executive Producers with multiple AAA titles under their belt, only to have our business plan passed on by 3 out of 4 VCs. You just have to keep trying. If you truly have an amazing idea, eventually someone will fund it.

These articles are mostly focused on pitching a game idea to a publisher, but you may find some helpful info for your situation as well:

http://sloperama.com/advice/idea.htm
http://sloperama.com/advice/lesson11.htm
http://sloperama.com/advice/lesson21.htm

Does it count as a video game if there's no video? :P

You've have to be a master of sell to get a vc interested.

How long have you had the idea for? Have you worked out all the rules of the game well enough that it could be played on paper? Do you know how you'll balance it correctly?

If you haven't got some fairly detailed documents on it already, it's probably not as thought-through as you think.