You read that right, a fan project is currently in the works that will allow you to play Super Smash Brothers Melee online.
An internal alpha version was released and is working pretty well. Some techy stuff were revealed by the team, the alpha version successfully syncs two separate Melee sessions across three variables. The team is currently syncing the values for Percentage Display, Actual Percentage, and Character stock every 10 frames and there is no appreciable slow in game speed.
“This is the most basic and important form of sync, and the first of many we will implement in the near future. With these rudimentary variables synced, regardless of what happens on both clients, they will both have the same outcome as the server.” said team member Massive.
This is not a standalone game however, the team is simply developing a new emulator for the Wii/GameCube version of Super Smash Bros Melee and those that want to play the game will have to get the iso files themselves.