Yes ladies and gentlemen. Wip3out ONLINE!
This is purely theoretical stuff.
Using ePSXe (a ps1 emu), using a plugin called CyberPad (which is based on another tunneling program called Kaillera - yep, thats KAIllera), it emulates split screen over the net.

Theoretically, this could lead to online Wip3out!
Anyone want to do more research?