Yes, and I haven't done anything with it yet but I wanted to make a project out of it. I just haven't got around to it yet. There are a lot of really cool things people have done with them like make super computers and hand held gaming systems. Check out these links:
You can do ANYTHING you want with it. Except maybe digest your food for you. Well you probably could but it'd be painful to get inside of you after you tweak it.
I wanted to monitor network trafic and learned to use linux and mess around with it as though it was a server, it looks like its going to be used with an arduino soon because I ordered loads of bits, its going to run a sentry gun to get pigions of the balcony.
It mugt be web operatable too, I will send you guys the link to pidgin cannon first if you like.
Can weather balloons be equipped with a BB gun? I don't think so. :P
EDIT:
(Well they could, but what if it gets shot down?)
I want to set up a dirt runway in my backyard and watch footage from a TV if my electronic/programming skill is good enough. Devon showed me a cool tutorial on radios, maybe I can hook a camera and send video instead of sound.
I have to design it to be efficient, I actually built a plane in tech class, maybe I can copy something.
I have 2, I intended to use them as a uPnP DLNA client (media client) with raspBMC for my TV. raspBMC is a port of XBMC (XBox Media Center).
Un fortunately, both have an issue with the 25 GHz, crystal oscillator which I managed to get working for a few minutes on each by sticking the PI in the freezer and tapping on the oscillator. But it died shortly after that.
Tempted to get a third because it's unlikely I'd have the problem 3 times in a row.
I've been meaning to use mine for audio multiplexing but I never got around to it, plus a change of circumstances has negated the problem that I was trying to solve; namely, I had a PC and Xbox that both produce audio but only one set of speakers.