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GENIUS! I'd pay to see that.
In order of probability, from greatest to least, I myself would like to see...
1) Rich Burlew's "Order of the Stick" as a series of flash animations - fully voiced and original scripts, not rehashes of the comic that's out there. Likely, if only because OotS is an embellished stick-figure comic created with Illustrator.
2) Questionable Content: The Radio Drama. We've got enough voice talents that we could actually do that one... hm. Has someone already tried this?
3) Joe England's "Zebra Girl" as an animated series. Most likely it'd be canceled after only two episodes, leaving you to buy the rest of the mostly-complete first season on DVD... but those two would still be utter genius. Mostly I just want to see those amazing ink drawings of his moving around.
4) Phil Foglio's "Girl Genius" as a trilogy of movies. Or quadrilogy. A series, however you want to put it, there's too much story to cram into one. The steampunk setting would be a special effects designer's dream come true (and nightmare at the same time, most likely), the costuming would be a shoo-in for an Oscar if they could get CLOSE to Phil's drawings, and... well... I'd just love to see Jagers on the screen... *sigh* Pipe dream.
5) Penny Arcade: The Musical. With special guest artists The Protomen, Peelander Z, and the Spoony Bards. `Nuff said!