Noise Cancelling in Software?

doc_verma wonders: "There are directions to build noise-cancelling devices in hardware, but what would it take to create noise cancelling in software? Since computers have a speaker-of-sorts and can possibly have a microphone, why not take the input from the mic, reverse-phase it via software, and output it through the speaker? A noise-cancelling feature would be great to run on servers in a rack. It would also be a great app to run on your laptop when you are on a plane."