A similar thing exists already, but it includes rhyme constraints (not a bad thing) and lots of undada human volition (well...).
I've also got one for Paradise Lost, but Shakespeare was more fun. 
Sun Jan 06 2008 17:00:
As part of my ongoing experiments with poetic meter, I put up
a feature that creates new Shakespeare sonnets from the existing ones. I've got two generation mechanisms and I'm not sure which is better, so I'm going to let them both run for a while.
Filed under: literature, dada
