Exchanging musical parts over the internet

[seaofsouls]

  I record my songs onto my computer.I play the bass quite well, and am learning the guitar but this all takes time. I was wondering if anyone out there knew of a site that allowed musicians to exchange musical parts over the internet. For example I could do a bass part for someone's song and they could do me a guitar part. just think of the inspiration that could generate, and the cool extra vibe that the collaberation might bring. Would this be good or bad?