I'd love to participate in an animated exquisite corpse. We actually have something like that on SITO already, please check out SLITHR! http://sito.org/synergy/slithr
There are so many ways to do it, I'm sure we could make something more elegant. In my "idea notebook", I have sketches for a Flash and Perl based project in which participants animate pre-existing art molecules to create a flowing animation.
Count me in on your project. What are some of your ideas?