This is what Freenet basically is,
Freenet is free software which lets you publish and obtain information on the Internet without fear of censorship. To achieve this freedom, the network is entirely decentralized and publishers and consumers of information are anonymous. Without anonymity there can never be true freedom of speech, and without decentralization the network will be vulnerable to attack.
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Users contribute to the network by giving bandwidth and a portion of their hard drive (called the “data store”) for storing files. Unlike other peer-to-peer file sharing networks, Freenet does not let the user control what is stored in the data store. Instead, files are kept or deleted depending on how popular they are, with the least popular being discarded to make way for newer or more popular content. Files in the data store are encrypted to reduce the likelihood of prosecution by persons wishing to censor Freenet content.
The biggest problem is that it’s slow. Both in transfer speed and (mainly) latency.. Even if you can get lots of people with decent upload throughput, it’ll still never be as quick a dedicated servers or two.. The speed is fine for what Freenet is (publishing data without fear of censorship), but not for hosting your website..
A bigger problem is the content has to be static files, which rules out it’s use for a majority of high-traffic websites.. To serve dynamic data each peer would have to execute code (scary), and would probably have to retrieve data from a database (which would be another big delay, again because of the latency)
I think “cloud computing” is about as close to P2P web-hosting as we’ll see for the time being..