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I like the idea. However, instead of using processing, it would be nice to use "activity" i.e., up votes, down votes, quality submissions and comments as the reputation. We already know what happens in a truly anonymous systems with no moderation - it doesn't make an ideal community.

Yea namecoin would work just fine.

If the issue was authentication, even vanilla signatures (GPG) would be fine, but people want to associate identities with short names, so a name resolution system is needed.

Wouldn't that end up as the person with the most money has the biggest voice?

Only if implemented that way. Intrinsically there is simply more certainty that they are who they say they are.