Yeah, there wouldn't be really any community-created content at first. But later people could certainly have their own custom 'dungeons' made out of webpages and parts of the web they picked.
But if we do this, I will certainly need some community help and decision making. For example, here are some things I can think of right now:
1. Should webpages represent a single room, or should they be a multi-room random+procedural dungeon?
--Example: This page
http://www.luresext.edu/goats/index.htm could start an university, then lead to an open field, then lead to laboratories and buildings.
2. Would need people helping catalog words and what they can applied on and what would their effects be
--Example: Rainbow - Adjective - Can be applied to fur/skin/sky/walls/floor/doors/etc/etc - Powers - when applied to attacks adds a random chance of applying a specific color effect, such as blue which may slow/freeze enemies.
-- Rainbow - Noun - Can become enemies/outside type room's 'funiture/fluff'/psychodelic type room/bridge type room/axe type weapon/etc - Acceptable adjectives - bright/narrow/double/spooky/etc - What should be it's base resistance/strength/etc?
3. Should combat be real time like traditional muds or turn based?
4. Should we try to make the game look a bit more rogue-likeish or should we stick to traditional text only?
(One obviously takes a lot more work and time than the other and would be more complex to generate)
5. Would need help describing things.
--Example: Appendage description line for 2 adjectives - "%POSSESSIVE PRONOUN% %PLURALNOUN% are %ADVERB% %ADJECTIVE% and often seen %PASTADJECTIVE%" That could wield: "His wings are excitingly bright and often seen doomed." So we'd need quite a few of these for diversity and to be able to fit all possibilities.
6. Would we have skills? How progression should be done?
And so on. I'm sure a lot more would come up if we did this thing.