...and created an homepage for the "Micro Soft Project" on it. What would Microsoft (the company) do? Would they be able to do anything at all?

They could sue that person for copyright violation.

They could sue you for copyright violation. And since they have more money than most people they'd easily be able to win even if you had a legitimate case. All they'd need is a cease and decist order to get you to stop and then you'd have to get a lawyer to help you out.

Most judges will grant these during the preliminary phases of litigation.

They could probably just take it from you since they hold the trademark, I think there's $200 or $500 fee it would cost them to file with ICANN.

If I had that puppy, I would either quickly get some non-microsoft content on it so I had some reason to own it, find a buyer, or try to sell it to MS...

They come to know about it today.
when you wake up next day, and open microsoft.org, it will take you to microsoft.com.

haha.. haa! they'll take it and no one would know!

Of course, it's not Microsoft, but another very big company - one of the biggest in it's industry.

Guess I'll just keep the "under construction" page for now and see what happens.