See this article for info on how to up the number of available file descriptors (probably 1024/process) on a Linux based system. No idea how it is dealt with on other systems.
It mentioned that there is a limit of 1024 in 2.2 kernels. So i'm not worried about that. There is limits in filesystems though, but in reiserfs its 2^31 per directory and 2^32 per filesystem (can't find info on ext2/3).
I though about something like this. Have to figure out some limit on opened filehandles (~100k or 1M or something) i quess, just to make sure i don't kill of filesystem :).