[QUOTE=monkeypants;
If one were to strip the DRM off of an amazon format book, and convert it into .mobi, would it then be "lendable", i.e. shareable between kindles? I realize this has legal implications (and possibly ethical implications as well), which is not part of my question... just wondering if this is even possible

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If one were to do that, and back it up on their computer, it could be send/shared to anyone......with any device.......that would accept .mobi. Or read on any computer.
If they needed epub or other formats, one could use Calibre to change that, after it was stripped.
IF one were to do that.