Imagine Think Create Share : Configuring LDAP Provider with MOSS 2007
In my class I was in, the discussion came up about how could SharePoint work with ADAM as a authentication store.
The article I am referencing here does just that for MOSS. If you created a similar provider for WSS, you could use it in the same way.
Imagine Think Create Share : Configuring LDAP Provider with MOSS 2007