Now this is the ultimate web 2.0 app…YouVersion. 

In their own words, YouVersion is…

A revolutionary online Bible that enables community and collaboration
like never before. Choose from various translations and read Scripture
in a fresh, new way. Take personal study notes, and discover and
contribute audio, video, text and images. With YouVersion, you will
find communities of people exploring and interacting with God’s Word.

This is an idea I will be keeping an eye on through the YouVersion blog.  (Found via Church Relevance)