A comprehensive research concept, known as SPIRIT, is described for the investigation of the formation, stability, and sustainment of oblate field reversed configurations (FRCs). This concept, whose name stands for Self-organized Plasma with Induction, Reconnection, and Injection Techniques (SPIRIT), allows for the study of FRC stability properties on time scales much longer than the energy confinement time. Counter-helicity merging of inductively formed spheromaks is utilized to form large-flux FRCs. These FRCs are sustained by neutral beam injection with the initial aid of compact ohmic solenoids. Stability to n = 1 tilt/shift modes is provided by plasma shaping and conducting shells. Stability to n ≥ 2 co-interchange modes is achieved by a distribution of highenergy non-thermal ions provided by the neutral beam. The combination of plasma shaping, conducting shells, current sustainment, and the non-thermal beam component are expected to lead to a configuration with stability to all global MHD modes, a regime recently discovered through hybrid-MHD simulation using the HYM code. An experimental test of the concept, utilizing the existing Magnetic Reconnection Experiment (MRX) facility, is described. Initial experiments in MRX have confirmed the viability of the SPIRIT concept, and calculations indicate that the confinement of high-energy ions in MRX should be sufficient to test the SPIRIT concept.