"Fangasm"?
But really, that idea is so hackneyed. I'd rather see a Mario game with completely, absoluely new characters, locations, enemies, etc. The art style would also have to be significantly different than the norm. This means the only returning character or element would be Mario. Also, there'd have to be some crazy gameplay gimmick, like, say, you can't control Mario directly; you'd have to give him directions with a headset and draw a path for him with the Wiimote. Or, maybe, it'd be a shooter (and this is not a joke at all); you control Mario with an FPS-style control scheme and use weapons like the mushrooms and whatever. The multiplayer mode could have the karts as vehicles.
Ooh, boy, those sound cool.
And, by the way, my "Mario time travel idea" was sarcasm.