This is nothing to LOL about!
I don't know if I see it happening. Not because of the trouble it would take to get it organized, but rather because of the INCREDIBLE divide in opinions I could see sprouting up. A divide in opinions will likely make making any sort of headway rather difficult, and there will be a lot of arguing and quitting because of it.
Disregarding that, I don't really think that having such a large team is a good idea unless we voted on several heads of development, because there has to be at least one head or the hack would become disjointed and disorganized, and there has to be several to manage such a large team.
This is not to say that it wouldn't be possible, it certainly would be, but it would be quite the task to make, let alone to simply plan and put together.