There is a new BOINC project called SHA-1 Collision Search Graz which is a cryptography project trying to find a collision in the SHA-1 hashing algorithm. More information about how the project works at the university research group page.

The BOINC page is here:
http://boinc.iaik.tugraz.at/sha1_coll_search/

A writeup on Wired here:
http://blog.wired.com/27bstroke6/200...buted-sha.html