Who cares about live content?
Nobody is going to host it for free. If they did, it would be extremely illegal, and very traceable. Go get your content in the usualy places or keep your copy of live. However, hosting custom content (maps custom made cars etc) could open up a whole kickass custom scene.
I think it would boil down to this:
1. You could build a front end for the live system to be able to point to a specific live server, Maybe include it in a save game hack or something.
2. Build a pc (linux and windows) application to host the 'emulated' live server that will allow a set number of hosts to connect/play at one time. I have heard that when people host a game it is not hosted on the live server for the most part anyway so..
3. Post a listing of active servers and bandwidth/pings on the web (or maybe even p2p???, die you riaa scum!!)
whats the real bandwidth cost?
And look at all the halflife public servers. If someone builds the front end, someone else who has tons of bandwidth to spare will host it.
However i am no software expert,
but I know that reverse engineering an already existing server is not just illegal (bnetd) but also very difficult to add all of the existing options etc. However i think it would be a very sweet addition to the scene.