boardreader.com has been doing something similiar for a number of years. Right now they just index messageboards, but it looks like they will be including blogs soon.
Lycos Forums Search
Lycos now has a new Discussion Search Beta. cool.
I would like to see a free search engine that extensively searches blogs, forums, and news sites in near real time for free :) This is a step in the right direction. Extremely useful.
One cool feature Lycos should add is "sort by date," but the tool is still just a beta release right now.
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