This project could take several directions. It could be a Public Insight Network-like site (publicinsightnetwork.org) where students and/or faculty register and identify topics that they are interested in or knowledgeable about. The result would be a way for researchers to find subjects for surveys or for their research. It might also provide a means of connecting the public with experts similar to experts.umn.edu.
Another direction could be a site similar to Amazon Mechanical Turk or elance.com that would connect faculty and staff with students who can fulfil small, one-off jobs; the job could either require a specific skill, or be tedious in nature but require a person to do it. One example might be a faculty member who has $500 allocated in a grant and needs someone with PHP skills to write some code. Students could register with their expertise and build reputation as they successfully complete projects.
Chad Fennell commented
Awesome! We might consider joining this project with http://ccf.uservoice.com/forums/213140-idea-pool/suggestions/4148777-reddit-stackoverflow-style-interface-for-knowledge Perhaps a stake exchange model might cover a number of use-cases, or perhaps as David just mentioned to me there could be components shared between these similar projects.
Tony Thomas commented
If anyone has a link with information about the Provost-sponsored app, please post it here.
Just FYI, there is already a internal, Provost sponsored project in this direction that is getting underway (at least if it hasn't been derailed since I last heard)