In a recent post with several valuable comments: Open Science in the Undergraduate Laboratory: Could this be the success story we’re looking for? Cameron Neylon brings together ideas on how undergraduates could do chemistry in parallel to explore a wide range of compounds which could be screened against biological targets relevant to malaria. I don't know how many chemistry undergraduates there are worldwide - with India and China I'll guess 1 million. Jean Claude has publicised a well known reaction - Ugi - which bolts together three different groups (call them X, Y, Z). You can buy 100 different variants of X (X1-> X100) and the same for Y (Y1-Y100) and Z (Z1-Z100). So you can in principle make 1 million compounds (100*100*100). Each undergraduate would do a slightly different reaction, purify the compound and record its spectra. The records would all be Open.
They have also suggested we can do theoretical calculations on these. With a modern machine this takes a few hours to get very good accuracy, and that could be run on the students' own machines. We have developed CML-based technology as in CrystalEye which can represent this in semantic fashion. The whole material should take about a terabyte - not challenging by today's standards. And it could all be stored in Pubchem, or Chemspider or Amazon or even an institutional repository.
Of course not all reactions will work, and some of the undergraduates will make mistakes (that's how education works!). But it's a great vision. The main problem is that most chemists are very conservative and undergraduates do the same experiment year after year. This would take some effort...
... but it would be worth it.