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Someone did start working on that: http://github.com/jave/emacs/tree/xembed

I'm not sure what the current status is though.

Closest I've ever come across is Conkeror (http://conkeror.org) That's using Gecko instead of WebKit but it's still a great project. It's my primary browser.

Maybe you could hack uzbl into emacs

That's called ezbl. https://github.com/haxney/ezbl

(I don't know if that's the best link; it was just the first that came up.)