There already is a 'General Knowledge Project' underway (has been for over a decade now I think).
Cycorp, Inc.
They have been building a common sense ontology for use in computer reasoning applications. The intelligence of their ontology is incredible (thousands of assertions).
While their full Ontology is geared towards research (they only grant research licenses for it), they have an open source version of the Ontology that is slightly smaller than their development system.