DProject: IIRC the rights are long lost, no-one knows who, if anyone, owns them today. It'd be hard for GOG to release the game if they won't know who to contact on the rights issue. That said, I too would still love to see the game released here (or anywhere) :P
Well, both main parties involved in the original release, Wideload and Aspyr, are still around, can't imagine the game as a whole is in legal limbo. IIRC the game does contain a lot of licensed songs, though.
On the Steam forums someone said something about the game having been removed from Steam because it doesn't run on any modern graphics cards anymore. Maybe that's the reason it's not around anymore?
darthspudius: To be honest the xbox version is the one to have. I have the pc version and it is very very buggy.
I only played the PC version and indeed, that one had a bunch of issues. I don't remember anything in particular, aside from terrible performance despite meh graphics, but I remember that the game generally left a very mediocre impression due to its technical execution.