Now that we have DHT + PEX + magnet links (http://lifehacker.com/5411311/bittorrents-future-dht-pex-and...), someone should come up with distributed torrent search and make the whole chain distributed.
"Cloud" could really be any public hosted online content, a social bookmarking site like reddit, S3, etc. I wonder how much data you could even stash inside flv video or mp3.
I'm not saying this would be easy, it would need to be redundant enough to withstand constant takedowns, etc. but it would be much more difficult to stop.