Also, make sure you know about copyright. So far as I know if it is possible to do it would be only allowable to do it for your characters and not share the textures/props/clothing etc with anyone else because that would be redistributing the product.

Check the copyright forum here and ask in there about the legalities.  I know there  have been problems with the SIMS games and people using the textures and stuff to make skins for SIMS characters. But I don't know if that is because they were redistributing them or if it extended to them just converting the texture to apply to their own SIMS characters.

"It is good to see ourselves as others see us. Try as we may, we are never
able to know ourselves fully as we are, especially the evil side of us.
This we can do only if we are not angry with our critics but will take in good
heart whatever they might have to say." - Ghandi