e-bands?

[zakjames]

I'm not very technically savvy so this may sound like a silly idea. Anyway, I was wondering if its possible to jam in real time with like-minded prospective band members via the internet. (Assuming of course that each each person has a high speed connection). I know that although phone lines, for example, don't deliver high enough audio quality, there doesnt seem to be to much latency. It would be nice if geographical location wasn't so much of a consideration in meeting people with similar musical objectives. Is there a way to make this idea work?