I'm liking this idea, and thought I'd, oh, actually do something with it, so I made a list. Step 1: See if anyone else is interested.
I shall now work on Step 1. Anyone interested? I'm thinking a book a month, weekly discussion of chapters here in LJ. I'll start a community or something. Books would be picked by me, your benevolent dictator. I will, of course, take recommendations. They will likely be things you were supposed to have read in high school or college, particularly if you were an english / lit major.