To add to what Gerard wrote:
WiktionaryZ follows a typical subject/predicate/object logic in its primary representation (though it deals with homonyms, synonyms, and translations better than most ontologies). Exporting to OWL should not pose principal problems, though I haven't investigated the question in detail (in particular, what would be needed to match WZ entities to classes in OWL).
Our key development priority for the coming weeks is to build a versioning architecture to move towards opening up the site in a true wiki fashion. We also seek to open up the development process itself, by providing code documentation, bringing the codebase in line with the current SVN version of MediaWiki, and so on. I hope we will be able to make some progress in that regard before Wikimania, which will be a primary opportunity to show the current state of the project to a group of interested developers. Quite possibly, this will already lead directly to the kind of developments which you describe.
Those interested in WZ should definitely get a flight ticket to Boston. There are several relevant talks and workshops at Wikimania.
Erik