1. What would the cable be made of?
So far bucky carbon or
"Carbon Nanotubes" looks like the right stuff. Although there need to be much more study of the material I have not read about any issues that disqualifies this material. The typical design envisioned using Carbon Nanotubes is a ribbon about a meter wide.
2. Where would the elevator be anchored?
As cjp stated, an oil platform seams to me the best solution. It can help in manuvering the ribbon out of the way of any orbital objects and will not be subject to any potential territorial issues.
3. What about objects in earth orbit striking the elevator?
I think this is the most problematic issue but it is not without solutions although they might be costly. If we (humans) really wanted to clean up the lower orbits we could launch a hand full of automated spacecraft that would collect and de-orbit objects or send them to a higher orbit where they would be less of a risk. Meanwhile establish stricked manuverability requirments for future spacecraft. If we can co-ordinte 2000 commercial aircrat in the skies at any given time why not spacecraft to avoid collision?
4. What if the ribbon is severed and falls back to earth?
Well, it the ribbon is cut within the atmosphere the the whole elevator will fly away from the earth whcih would suck for people on the ribbon but life boat type spacecraft would solve that problem. If the counter weight was severed and the ribbon fell back to earth the ribbon is not substatial enough to do any damage and most of it would burn up on re-entry.
5. How would the space elevator be built?
My favorite solution is to capture a NEO, bring it into earth orbit, land nanotube manufacturing equipment and start spinning a ribbon using the asteroid as feed-stock, slowly droping the ribbon down to earth.
This is also a tricky part because most people i think will have serious issues with deliberatly bringing an asteroid near the earth.