Put a dress on it and take it to the movies. Just kidding, with some cheap upgrades it might make a nice little server for a blog or low-traffic website. That's what I did with my Performa awhile back.
hmm.. I might buy it off of you, haha. Get a firewire card off ebay and toss that in there, and I could use my current 80GB HD with that as a server. I have a 17" apple monitor that half works, which is all I need. Hmm.. think about that I will..
With the G3 processor and a stripped down MacOS 9 it should be a decent Web-/FTP-/Fileserver and fast enough for those purposes. If you think 10Mbit Ethernet ist too slow for a file-server, try to find an old NuBus Ethernet card that supports 100MBit.
groovebuster
P.S. At the moment I am using an LC (running system 7.6) as a web-server for serving pictures in a private family forum, since the web-space is limited by the provider where we hosted the domain for that forum, giving me an additional GB of webspace for the pictures and little QuickTime movies to be served. That little bastard is slow (for a lot of little files requested), but big files it still streams with up to 30KBytes per second, more than enough for it's purpose. And on top you hardly hear it when the HD is sleeping.