FOSS.in: Can software be developed the wikipedia way?

I am attending an introductory talk to the Wikipedia project. Wikipedia is an interesting social experiment. It proves that even in a anarchist system, it is possible to create something of substantial value.

I wonder if the same thing is possible with software. Is is possible to develop software using an anarchist approach ? Can a project open up cvs commit access to anyone on the Internet and expect a coherent piece of software to evolve over time?

I wonder.