I think the idea is average. If you search on Google, you'll likely find a code snippet for most questions. StackOverflow has the advantage of comments and opinions, which add more value, instead of just a block of code. Right now, you have no content, and the idea looks like an afterthought added to your existing site. If you want to give this a try, then...
1. Get a catchy name, like Snippr.com.
2. Setup categories for different programming languages.
3. Write code snippets for the most common functions people are looking to find. For example, visit Google and type... 'PHP how to', and you'll see frequent search terms, people wondering how to connect to a MySQL database, how to send an e-mail, how to upload a file, how to get the current URL, how to redirect to another page. People are looking for these answers, and they're easy to write. You can write hundreds of these snippets in a day and start building content.
4. SEO. Right now your links are http://volatileread.com/UtilityLibrary?id=1084. They should be http://snippr.com/php/how-to-get-the-current-url.
With that being said, I don't think it'll work. People don't open their browser and visit a site of code snippets. Instead, they have a problem, and they search Google for the answer. Showing up on the first page of Google for these common terms is not an easy task. You're competing with successful sites that have existed for the better part of a decade. I honestly don't think you'll be able to outrank them, and therefore you'll receive little to no organic traffic, and that's the traffic your site will rely on.