I think it has actually been done - in that the internet has been archived:
http://www.archive.org/
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How large is the Archive?
The Internet Archive Wayback Machine contains approximately 1 petabyte of data and is currently growing at a rate of 20 terabytes per month. This eclipses the amount of text contained in the world's largest libraries, including the Library of Congress. If you tried to place the entire contents of the archive onto floppy disks (we don't recommend this!) and laid them end to end, it would stretch from New York, past Los Angeles, and halfway to Hawaii.
What type of machinery is used in this Internet Archive?
Much of the Internet Archive is stored on hundreds of slightly modified x86 servers. The computers run on the Linux operating system. Each computer has 512Mb of memory and can hold just over 1 Terabyte of data on ATA disks. However we are developing a new way of storing our data on a smaller machine. Each machine will store 1 terabyte.
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It's interesting to look back at the Watchtower site from a few years ago but unfortunately the archive site allows individual websites to exclude themselves - so of course any info that may cause embarrassment (like how the disfellowshipped are treated) has been blocked by the WBTS :-(