I remember way back in the day, Chainsaw John had built a VR world called Wamworld, where you could choose an avatar and walk around talking with other wammers. It was way ahead of its time. Here's a very small image of the inside of one of the many buildings with 2 people chatting in real time. If I recall, even some of our favorites would come in to chat with their fans. It was cool.
I know it's definitely one of the "impossible" dream realm (at least for now budget wise), but after watching Conan 360, I thought about how much I'd love that for a WAM experience. Like being in the room with the crew/model, or being in the crowd of an IBYW taping.
I don't know it'd be too impossible to film a WAM scene for VR - if nothing else, the Gear 360 sells for $350 - not the world's best VR camera, but I think it's as good a way as any to get an entry level kind of VR WAM footage going.
(Of course, do note that the product description for that says it can withstand 'occasional splashes'. Be careful. ^_-)