Computing PageRank on your PC?

An anonymous reader writes "A group of CS researchers of the University of Milan has found a way to compress web graphs at 3 bits per link, and to access them in compressed form. They provide data sets representing real snapshots of portions of the web with one hundred million nodes and 1 billion links. You just need some bandwidth to download a few hundred megabytes of data, and you can compute PageRank with your PC. All the code involved is GPL'd, and the data are public: everybody can grok PageRank now!"