You can and should put together a collaborative site for your project, a virtual project team room. You should consider SharePoint as the platform for your project site. There is a free version so very little excuse! You can and should extend SharePoint for project management. To do this you can build or buy. If you want a plug-in for SharePoint that supports the thinking in this guide then do review BrightWork.

BrightWork pmPoint is a SharePoint add-on for managing work and projects of varying size and type. The combination of the varied work and project management templates, and class-leading SharePoint reporting infrastructure, make pmPoint the best work and project management application for SharePoint available today.