I’ve been reading about this and I think it is a very interesting idea. In the UK people are turning unused phone boxes into mini libraries. The idea is to take a book you like and leave one in its place but there are no rules. If you google this you will find that this is happening all over the UK and not just a few small towns/villages. I like it!
Interested? Check it out http://www.booklending.com/borrow-book.htm#!prettyPhoto