The textual content and most of the image content is all licensed under licenses that allow you to download a copy and put it on your own server. I have a copy of English, Spanish, and Portuguese Wikipedias (text only!) in a pendrive on my desk. There's a conveniently downloadable textual tarball. Furthermore, you can even follow Recent Changes to keep things updated. And there are legit companies like Answers.com that actually do this.

I suggest that you start an "expanded Wikipedia" project with more inclusionist criteria. I'll be happy to contribute, although I'm pretty happy with the English Wikipedia's notability policy. I'm sure thousands of other people will be too, especially if the result is any good.

Jimmy Wales already did something like this, by the way.