Unfortunately, Blackboards' patents preclude this from becoming a reality. For the next 15 years, Blackboard has an exclusive right to practice this "virtual classroom" business method.[1]

Their patent pledge[2] promises that they will not assert their rights against any open-source or home-grown initiative, which is why Stanford et al. are able to get away with hosting their own content in this format.

It's a harsh reality that by itself makes the case for patent reform.

[1]: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sec...

[2]: http://www.blackboard.com/about-bb/patents/patent-pledge.asp...