Rails is released under the MIT license, Stanley. It's been open-source for a long time. Fork them and make whatever improvements you want and start a push request.

Instead of complain about how slow it is, why not attempt making an "evented" version of Rails? Enable thread-safety for Rails to get a speedy application, even on a shared server.

Frankly, I can't write code for EventMachine. Just looking at its style makes me cringe: there's just something about the design of EM apps that I can't compromise with (and it ain't the fact that it's evented).