We actually use second life for school. The department I have classes in owns "land" in the game and we use it for our 3D stuff. Our school also uses it for nursing students and we create scenarios for the nursing students to practice. It's actually pretty cool. However, we use it for practical purposes. I know people who sit on this thing for 14-18 hours a day

I look at it this way. If you are able to own server space, you technically can own virtual land since it's basically the same thing.