http://feto.feplanet.net/main
Ta-da!
That aside, a Zelda MMO wouldn't really work without a dedicated team to release new dungeons and updates, and that's not too likely given Nintendo's need to put the good teams on producing big-name titles with Miyamoto on staff.
Seems like a solid idea- I've always wanted to see an MMO without traditional things like giant HP bars and constant MP conservation and whatnot- Zelda's emphasis on interactive environments and exploration makes a Zelda MMO seem like a fun prospect- no leveling up or exp grinding or whatnot-...