The simple version of what I'm looking for is similar to a basic project management script. Basically, I'd like members to be able to task each other with tasks, add/edit projects, add/edit tasks and assign them to projects. I'd also like to have it where the tasked person can update their tasks with hours worked and notes. More details involved but I'll let any of you brave enough to tackle something like this PM me and we can discuss it further.

Thx!

I think you want dotproject.