It has become the criminal weapon of both Doctor Alchemys, and in this capacity it has been used for a variety of evil uses. Apparently, this version of the Stone is essentially indestructible (as it reforms independently after each destruction) and at least partly magical in nature; it works by simply willing to transmute objects by holding it. Doctor Alchemy used it to usurp Power Girl's body by transferring his essence through the Stone, and was also able to use the Stone's magical applications to drain the knowledge of the magical Library of Alexandria stolen by the alchemist Megistus before compelling Power Girl to travel to the Fortress of Solitude to warp it in its entirety into red kryptonite with the stone's magics; before Wonder Woman threw it into the Sun, straight into Megistus' solar base. It would later play a pivotal role to thwart the alchemist's hopes of mutating all of humanity to protect it from the Final Crisis, when June Masters took it and used it to transmute the cosmic cloud the alchemist wanted to draw to Earth to common elements.
The criminal weapon of the villains known as Chemistro.
The Philosopher's Stone, a legendary and ancient amplifier for alchemic energy, has many names such the Red Elixir, the Kings Element, The Fifth Element, and The Elixir. Just as it holds many names, it also holds many forms. It can be liquid one minute then hard as a stone the next.
The Legendary Artifact proclaims that the Philosopher's Stone was said to be able to do nearly anything. With the use of Alchemy, people could bypass the Laws of Equivalent Exchange and create marvels that normally would require great sacrifice at little or no cost. People could apparently accomplish anything from counterfeit money to bringing back the dead with this stone, thus making it highly coveted, but what people did not realize for a long time was what it took to make it; its ingredients, so to speak.
The main ingredient of the stone, after making the transmutation circles necessary for it's completion, was a human sacrifice. And, it didn't take one human to make this stone. It took many, many, "worthy" candidates in order to succesfully complete it. Regardless, the Government came up with a plan to get them with ease during the Ishballian war. They took all of the criminals that they had imprisoned and decided that they were worthy candidates to create the stone. These many deaths were not known by the public, and never were, and the only reason that Edward Elric knew about it was because he was willing to go to these places that had been closed down, illegaly, and check them out. After discovering this, he was horrified.
HISTORY OF THE STONE
Although many rumor go on about the philosophers stones true origins Lady Dante explains its history in the anime. Nearly 400 years Both her and Hoenheim had perfected it using the lives of those dying of the plague and those sentenced during the witch trials they finally completed it. However the large amounts of energy needed to transmute the stone had taken it toll on Hoenheim and he was dying. Desperate to save his life Dante panicked and affixed his soul to a nearby fellow accomplice. It was then that they discovered eternal life. Transferring their souls into new bodies every time their old bodies aged they would cheat death or so it seemed. Not long after the continous cycle of reincarnation Hoenheim left Dante side. Soon aftwards both Hoenheim and Dante's bodies began to rott. Hoenheim left his family because he could not bear to watch himself rott in front of his wife and children. He discovered that everytime they transferred their souls into a new body they left a little bit of themselves behind in the old shell eventually the souls themselves became to weak to maintain a body. Meaning that even with the philosopers stone's power it could not grant immortality.