Some of us members have engaged in a bit of collaborative recording in the past, over ten years ago. Those efforts are posted here somewhere.
Cynical1 was the producer/prime mover on this, and while we tried to get broader participation, in the end only about 4 or 5 of us actually cut tracks for the projects. It mostly fell by the wayside because collaborating on tracks over the internet is very time-consuming. If you have everyone in a room, someone makes a small suggestion and it can be immediately incorporated. Online, you have a lot of back-and-forth, usually over a few days, before even simple suggestions can be implemented.
My schedule tightened up, Cynical1's life changed, after a while we never heard from the lead guitar guy, Fireball, again, so the whole project sort of died on the vine after a few tracks. But if you and others have the time to commit to it, by all means, have at it. We did find that collaboration through PMs and emails was more efficient than posting "work in progress" to the Forums here; we only posted the finished products, not all the behind the scenes collaborations.
EDIT: Also, all of the tracks we did were originals. While it's OK to repost YouTube stuff, since their platform pays (some) royalties, we might run into issues with ASCAP if we do a cover version.