Well, Its not quite Ultima Online, and its definitely Not Ultima Worlds: Origins. Of course not, the suits at Electronic Arts cancelled it. But, it is definitely a worth while freeware project being put together by the guys at Peroxide.
Ultima I is a shareware recreation of the original Lord British, Richard Garriott game that started it all, Utima I. Lord British, himself, gave permission to recreate Utima as an entirely new game. Peroxide is recreating the game in 24/32 bit 3D color with MP3 sound. The screenshots I saw looked incredible for a free game. You can even download the alpha version of the interface and test it out. Jump on over to Peroxide and get the alpha version. Just make sure you drop back by and let us know what you think!