It would be pretty difficult to get enough bandwidth and power to a place like Sealand. You'd probably need an undersea cable to have a big enough pipe to the Internet, and whatever country that runs to can cut you off...
That, and if you're in international waters and you annoy a country enough, you probably don't have your own army or anything to stop them invading you.
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I am not up to speed on latest developments, but Sealand (http://en.wikipedia.org/wiki/Principality_of_Sealand) seems like a good solution to this type of problem.
It would be pretty difficult to get enough bandwidth and power to a place like Sealand. You'd probably need an undersea cable to have a big enough pipe to the Internet, and whatever country that runs to can cut you off...
That, and if you're in international waters and you annoy a country enough, you probably don't have your own army or anything to stop them invading you.