Edward James Bass wrote a fantastic article on this very subject (click here to read it) and he even has his own blog called "Audio Silver Lining" and I suggest you take a peek:

http://audiosilverlining.info
Give the cloud a try right now over at audiotool and let your imagination run wild.
Have you ever made a track and/or collaborated with anyone in the cloud? Share your experience and post a link to your cloud based musical art in the comment section.