Look at all the great tools you can use for your project!
Free Shared Documents: Box.net (currently has better formatting than Google Docs)
Free Conference Calls (within US): FreeConferenceCall.pro (has ability to monitor call on-line as well as use phone features)
Free Conference Calls (global): FreeConferenceCall.com (don't know about freeconferencecall.com for this feature)
Free Within-Membership Telephone Calls: Skype (can be difficult to learn; practice several times before using for an actual meeting; allows for very inexpensive international calls)
Free Social Networking Site: Ning.com to set up a site
Free Social Networking: Use whatever your members have and expand accordingly (this might include Facebook, Digg, etc.)
Business Networking; LinkedIn.com
Free Text Messaging: Use whatever your members have and expand accordingly (this might include Twitter)
Free Blogs: Ning.com
Free Software to Transfer from .wav files to MP3 files: ('Switch Sound File Converter' by NCH - nch.com.au - provides a free trial period after which there's a cost) (software to do this is always free on Macs)
Free Software to Transfer video files to other formats: ('Prism Video Converter' by NCH - nch.com.au - provides a free trial period after which there's a cost)
Free Software to Transfer Documents to PDFs: PDF OnLine - pdfonline.com
Free Invitations to Your Events: Evite.com
Free Internet Radio Show: Blogtalkradio.com
Free Audio Editing: Audacity.com