There's a small group of us on Google+ who are talking about trying out an online pen and paper D&D campaign, set in Naeldor, using the Hangout feature of Google+ along with Maptool. Hangout is a free group videoconferencing feature in Google+. Maptool is a free tool designed for RPGs that works sort of like a whiteboard. The DM can put maps on it (showing as much or little of it as he wants), players can roll dice, etc.
If you think you might be interested, let me know via message or via email (venture at naeldor.com). We have a thread taking place on Google+, and I can point you to it send you a Google+ invite if you want one. We're probably going to limit this to a party of 6, so first come, first served.