I'm glad that people are on board with the idea! (and it certainly doesn't hurt to have yegg's approval) I was trying my hand at a text adventure prototype too: did it in Python but it just parses input and cleans it up right now.
I guess a port of Colossal Cave Adventure would be pretty cool. It would definitely have nostalgic appeal. Personally, I was inclined towards doing a new text adventure, in case people who are already familiar with CCA dismiss the game after toying around with it a bit on DDG or decide to play one of the other ports of the game. It would be a pretty fun challenge if we could come up with an original text adventure that ups the ante in terms of usable commands, exploration, secrets, etc. I'm sure we could brainstorm some cool ideas. I still think a port of CCA would be a nice nod to a text adventure classic.
As for some of the technical hurdles, i'm still wondering if using a !bang keyword before each command is the best way to go about handling the input, as well as if using a cookie to handle progress would work (I'm guessing some Javascript code might be required).
Whatever the case, I'm pretty excited about this.