We used to do this in the late 90's (when there were less hosting options in general). A bunch of us at work wanted to run our own sites and experiments online, so we pooled our money and built a server that sat at one of our houses. At first we just got a static IP for the server, but eventually as more people at work joined, the guy who had the server in his basement got a T1 line installed.
We all just split the cost of internet and server upgrades, etc, which may have come out to like $40 a year or something on average. We probably did this for a decade or so until the hardware got too old and there wasn't as much interest in maintaining it all.
While I just have a VPS now, I do miss that old server and all of us working on it, and literally being able to do whatever we wanted with it. All it takes is a few buddies to get together and try it out. Experiment and see what happens, let it grow organically.
We all just split the cost of internet and server upgrades, etc, which may have come out to like $40 a year or something on average. We probably did this for a decade or so until the hardware got too old and there wasn't as much interest in maintaining it all.
While I just have a VPS now, I do miss that old server and all of us working on it, and literally being able to do whatever we wanted with it. All it takes is a few buddies to get together and try it out. Experiment and see what happens, let it grow organically.