We're working on a first person shooter called KillZone. FOr collision we're using Nuclear Glory's dlls to keep it smooth. There will be some special effects for targeted body shots, and some cinematics. If you have modellers and all that you'll be able to use a "level compiler" thing to make multiplayer mods.
The only problem I foresee is connecting the multiplayer. We don't have a big server, so we'll have to resort to manually typing in IPs.
Juvenile Industries
Current Project: KillZone(FPS)
Soon to come:An rts, and a snowball fight game