Things we could do but don't have the detail or support to rise to the level of grants proposals.
Photography based 
Buy and constuct an ROV (http://www.robotshop.com/gorobotics/the-news/hobbyist/build-your-own-underwater-rov-for-250 $250 version here although there are better options). Use to get photos of marine life and wrecks.
- OpenROV project: http://openrov.com/
- Would anyone actually use it? Would the photos be of a usable quality if they did? Marine photography isn't an easy subject.
Photograph every coin 
Work with museums and other collections to try and get us the access needed to photograph every pre 1860 coin ever. Tokens can decided one way or another.
Source based 
Old journals 
Offer to digitalise and host the older journals of the likes of the Sussex Archaeological Collections which would provide wikipedians with more access to good local history sources.
- Compare the Society of Antiquaries of Scotland, which ran a similar project - . Might be worth finding out how much this cost.
Journal of citation needed 
Set up an open access journal with the stated aim of publishing papers in those areas wikipedia finds it difficult to get sources for
Old newpapers 
Buy a microfilm scanner and scan and OCR old local newspapers.
Develop support for some kind of 3D file format (.blend?) for mediawiki