"Internet 0 is an experiment at networking at the ultra-lightweight scale. Instead of relying on the architectural notions of Internet 1 with its routing, its servers, and its layered network stacks -- we are toying with very small, cheap, and simple ways to bring Internet Protocols all the way to the physical interface."
Have a look at the home web site at MIT where there are talks, videos and press releases. There is not a lot more on the topic from MIT at this stage.
Some related work has been done by Adam Dunkels in Sweden. These papers and code are worth a look.
Project Aim:
Build 3 nodes using an ATtmel micro, programmed in C, communicating over wire and light and based upon the work cited above. Note that there are no formal standards yet, so now is a good time to get involved in the project.