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Would it be possible to create such a thing?
No, not really. It's trademarked, it's bloated, it's slow, there's much better software (I'm sure something can support Zune), and I really don't think many would want it.
There was a discussion here a while back on it, do a search for Zune and you should find it.
"there's much better software"
Could you give some examples of that?
Nothing for the Zune other than the Zune software itself. I have kept my hopes on Songbird though. Infact, 2 hopes. One is Songbird Portable and the other is Full Zune Support.