i know through DHt some of the torrent programs are able to run searchs through peers without using a tracker site and that some are capable of going into a complete trackerless mode by saving ips in the active swarm and then trying to reconnect to them the next tim ethe program is started.
so wouldn't that make it possible to have a sub internet something like Usenet servers are except the fact that all the files used for a web page could be used.
in may 2007 Cornell university released a paper suggesting how full decentralization could occur then they released a plugin for vuze called Cubit wich was successful and then released another paper on it. if anyone is able to track down these papers they might be worth a skim through