Rejecta Mathematica "is a new, open access, online journal that publishes only papers that have been rejected from peer-reviewed journals (or conferences with comparable review standards) in the mathematical sciences. We are currently seeking submissions for our inaugural issue."
Not surprisingly, the second FAQ is "Is this some kind of joke?" -- the answer is in the negative.
Basically, the point is that papers in which people reprove known results, try seemingly promising techniques and show they don't work, and so on are of value. Papers will be accompanied by a letter from the author saying why the journal to which the paper was originally submitted rejected it.
It's an open-access journal, and the articles will be available online. I can't tell if there's a print version; the site seems to neither confirm nor deny this. It'll be interesting to see what comes out of this.
(Also, the journal's URL is math.rejecta.org; this seems to imply a possible branching out into other fields if this experiment goes well.)