Earlier this month, a few information architecture folks got together and started discussing all this Flickr and del.icio.us tagging. In the process a cute little term, folksonomy, was coined. While it's really a noun, it seems to capture the spirit of what's going.
Folksonomizing would be trying too hard though.
I'm not sure the IA guys, quite get the point though. In these environments, there is no One True Taxonomy to bind them. Not only is it a 90/10 argument, it's The Web, so global coordination is out to start.