There's an interesting article in today's Chronicle about Johns Hopkins' library acting as a library-for-hire to an online college --
http://chronicle.com/free/2008/12/8310n.htm?utm_source=at&utm_medium=en
It's managed through JHU's Entrepreneurial Library Program. Apparently this program also offers an oral history and editing service, plus rent out library facilities for outside events.
Has anyone heard of other similar programs being offered by research libraries?
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Yes, I have. IU Bloomington is (or perhaps was) a contract library for Walden University. A couple of my library school friends worked as reference assistants for the "Walden Library", which was just a room on the 5th floor of the main library.
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