This would require a major commitment of time, money and resources by everyone that chooses to get involved, but the end result would be worth the effort.
Here are a few things off the top of my head that we would need on top of each of us having the ability to edit video.
1. webhosting for works in progress and completed clips so that everyone could view and vote.
2. someone willing and able to peice the clips back into a full movie.
3. someone willing to distribute the results. (burn DVDs or Torrent)
Thoughts?
-G