The problem: Reaper doesn't know the other project or its audio files have changed. So what you see only reflects what you loaded plus your edits. Even if someone else adds audio files to the drive, your project does know about them. When you save your edits, it overwrite the other guys project. It's a difficult problem. Microsoft figured out how to do it in Excel after 25 years, which might be taken as an indicator of how difficult the problem is. I'm not saying it's a bad idea. Just one that doesn't easily work in existing operating systems and programs that run under them; they need to be designed from the bottom up to do this.