Great to see so much interest. I haven't thought through all of the issues yet, but now that you ask...
1. I'd pick a book for us all to read (probably less than 400 pages, to start). If you didn't like the selection, then you could come back for the second round. I'd try not to pick something too esoteric--probably something American or British (and fiction) from the last 50-75 years. As the discussions develop, I'd imagine the selections would evolve forthwith.
2. Those who did like the selection would read it within a time line. Obviously this time line would depend on how long and intense the book in question would be. Something philisophocal, and I'd like to reread some Plato and/or Kierkegaard, might be done in sections.
3. We discuss the book at the deadline--those who don't finish are obviously still welcome to participate.
4. A volunteer would come up with another new book or, if those who are interested trust me, I'll pick another one. I'm reluctant to delve too deep into the process if only because I want this to be organic. Once we know who's involved, the books may suggest themselves.
5. The process would continue ad infinitum.
That's broadly how I see it going.
Give me a day or two to think of the first book.