At the moment I work on the toolchain, such as the Linker or Disk utility. The project is at its infancy and is designed to take a long time, so I have delicious to work on when I have time to tinker with it. The whole thing is MIT licensed, so no strings attached if you want to play around. However I have only tested it on Windows 7 and at the time of writing the Disk utility is hardwired to the WinApi.
I have no clear idea of what the system is supposed to be able to, but I plan to experiment with just about anything related such as file system design, language design, hardware and so on.