Absolutely mate - it has got to happen soon. One of the best opportunities to make serious money with relatively little effort that I can think of at the moment....
That's the problem, I don't think you have any idea how much work it would be to put together a site like this. On the software side, you'd need a decent team of devs working for quite a while just to put together something with the current functionality, let alone improve upon it all of its flaws.
Then you've got to find a company willing to host such a "dodgy" site, who are still reliable enough to ensure that the site isn't down every 5 minutes. Then you pay a shitload for servers, and protection from all the DDOS attacks that a site like AW inevitably attracts.
Then after all that, you've still got to convince people to use the site. What punter is going to bother searching a site with no prossies on it? What prossie is going to bother putting up a profile on a site with no punters? It's the same problem as Facebook, it's damn near impossible to crack a monopoly like that.
Believe me, if this was as easy as you think, someone would have done it already.