Yes, that's exactly what text inside a VRML world should be.
Implementing that will be... uh.. challenging. If WebSpace encounters such a
beast that points to http://vrml.wired.com/, what should happen? Should
netscape (or your favorite HTML browser) somehow magically appear in the 3D
world, complete with pull-down menus and dialog windows projected in 3D in
the 3D world?
That would be nice, but being able to take arbitrary X/Motif applications and
put them into a 3D world (although it has been done before-- see
http://info.arl.army.mil/~phil/xvr/index.html) is a capability you're
probably not going to see in VRML browsers for at least a few years.