Keitai

This is a great idea. Glypho (Beta) is a collaborative storytelling site. Moderators present story concepts then contributors from around the world suggest character and plot development ideas. Users also get to vote to pick the final version of each chapter which (I think) is written by the moderators.

The final stories are licensed Creative Commons Non-Commercial, ShareAlike 2.5 as collective works.

There’s a site feed which I assume allows you to follow the stories as they develop. Very, very, cool idea!