ISP on a Mac is a great series of articles that will show you how to compile all the software required to turn your Mac into a full fledged web host. Instructions are easy to follow and cover installing Apache 2, PHP 5.x, MySQL 5, Postfix for mail and spam filtering. What make this series great is you learn how to compile your servers and how to specify many different features and configuration options.
Update: it looks like the owner of the original site has determined that these instructional articles were deserving of an entire website of their own, so he has gone to the trouble of transferring them to their own domain, where there is a forum and regular updates appear to be made. In my opinion creating your own ISP on a Mac is a compelling enough idea that certainly is deserving of a website devoted to it and I applaud the move.
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That sounds like a fun project. Maybe my wife will let me “borrow” her Mac. ;)