I'm down :)
We should all agree on what mechanisms to use for transporting the files, as well as a method of revision history. And I'm thinking that restricting things to "we only pass around wav/aiff files" will be good because it will let everyone use whatever software they want to, to do the adjustments/mangling. This will also keep errors from occuring from not having blah-blah plugin installed. You will simply have to re-render each track back out before sharing.
Maybe once the loops are done then a standard method can be agreed upon for arrangement.
I have a server on a very fast line and can set up some sort of sharing environment for us to utilize. And as I said setting up some sort of revision history/blog style thing would be cool to keep track of everyone's edits.
Just as a side note to the software thing - Live has worked for me perfectly to be able to take tracks I am working on from the main studio pc and pop them open on my powerbook. No issues ever. This may be a good option after reading the previous posts and whatnot regarding Cubase vs Acid vs Logic etc...

This sounds like a fun thing to do, and it could be very cool if the proper infrastructure is in place so that we can spend time making the music instead of dicking with the logistics of it all.

-Chris