There are some sites, like writing.com that do have something like this. There are other blogs/online ezines/journals that offer a similar things. There are novels that have been broken down into serials on these sites too.

Might be worth your while checking them out - depends on the genre you're interested in reading how much may or may not be available for you.

i am always interested in knowing if you can write a 1 page story..your website could be a collection of such short stories that can be written by some creative people and I am sure there is a market for that

There is actualy a website like this already up and running. Called YouSayIt!, it allows others to contribute poems, fiction, essays, etc. and even has a fee-based editing service to help writers.

http://www.yousayit.net

I think it sounds really good. Recently (two years ago) I created a blog that incorporated posts-ideas wrote as little history-novel condensed in one page maximum. It was a interesting experience. But maintaining daily the blog was very hard for one person. It was mainly due to technical requirements to blog managing, and not to low number of ideas. I've hundred of them every week. Many people told me to develop some pages as novel, but, you know, the child, home, and so on make it impossible...if you are not a recognized and respected best sellers writer (private hotel, private beach and so on), perhaps as Stephen King. I'll be ready to collaborate in this project.

how would it generate revenue?
also, will there be some kind of vetting before an article gets published?