We have actually tried more than once. There was a book club and even a Sci Fi one, and I subscribed (as you might say) to both. They both fell over for lack of interest. People would sign up - and then start to post oh man, I didn't finish, I haven't time - and so on.
I particularly recall when we tried Stranger in a Strange Land. I think Wu and I were the only ones who actually read it, so discussion got a bit dull - though EVERYONE was mad keen when it was selected !
I'll try and find the threads... We did actually pick older ones, and use libraries and so on, though.
Yup - here's the start of the sci fi one:
http://www.tarotforum.net/showthread.php?t=148586
The one where we tried to discuss the book:
http://www.tarotforum.net/showthread.php?t=148827
We tried once more:
http://www.tarotforum.net/showthread.php?t=151763
I can't find the more general one, but I do know that we read some older books that I virtuously read even though I was bored rigid...
Wait - got it. We did Anna Karenina.
http://www.tarotforum.net/showthread.php?t=147383 - the idea was raised. We read Dracula, I think, and then we tried ANna K:
http://www.tarotforum.net/showthread.php?t=148496 Well a few of us did.
Good luck. I am in one IRL, so I think I'll pass.