MXO total conversion?

[Raiderofnight]

Would it be possible to extract all of the maps, models, sounds, textures, and things from the MXO client and reformat them to recreate MXO with another game engine? I know some of the more unique elements of MXO like interlock, hyperjump, the mission generator, and seemless map loading could be difficult to recreate and would likely need recoded from scratch.
I have no doubt that it would be a monumental task. However, if it can be done, it could result in having a newer, better game engine that is easier to work with than the original. With all the same maps and models, it would have the same look and feel as the original MXO.
It is a crazy idea but could it work? Or have I lost my mind?