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There are communities out there like that already and B&N actually has their own called Nook Friends where you can see the books that your friends have available to lend. I've never used the lending functionality, but I believe that B&N allows a book to be lent to someone one time... as in you lend the book out and it can never be loaned out again. As I said, I've never done it, so I can't swear to this.
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