There's a project called zeronet, it's aim is not to replace internet but make it decentralized, it works in a peer to peer solution where if you access to a page you download the whole content and you become a seed of that page, so if other people try to access that page they will partially download it from you.
Again you are stop thinking in the "cloud", but for something an ISP is required, i don't thin every body in the world would be able to have a data center in his house or to set a trans-oceanic cable.
I still think it can be done lol