This could become a reality. Think of it as Unreal Source, only better. If you’re interested in helping with this then please head on over to this thread posted at the Beyond Unreal forums. All skill sets required level designers, coders, texture artists, modellers, musicians etc. Even if you have no skills, ideas are always welcome as is feedback.
Quite a few people are already coming up with ideas on this. It’s a big project but it will be worth it to see Unreal in UT3’s excellent engine.