Open Source College

I would like to take Wikipedia and opensource and make an open source college. What does it it take to be an acredited school? Talk to Wikipedia and see if they can help setup the site for the open versions of college text books. Maybe this could open up to free text books for k-12 schools and save education from some costs. Money that could be used somewhere else. If we could also take the great minds of the open source community to come up with open ways to have an online college that is free or nearly free. The only piece missing is the course and testing pieces. How would we build online courses. Could retired or part time teachers be able to give their time for free or maybe with some donations. Testing should be easy as there are many sources for these types of apps. The course work piece would come from computer training types of apps.