What if you had a portable phone line that cost you just $4.95 a month which included unlimited incoming calls and outgoing calls for 2 cents a minute regardless of your location? A company called “Teleo” is introducing a portable VOIP phone service that will do exactly that.

CEO Peter Sisson, you may recall, was the founder and CEO of WineShopper.com, the outrageous attempt to end-run the wine establishment which crashed after the Internet bubble burst, and which burned through $180 million in venture capital. According to Sisson, You should be able to integrate VoIP with cell service as “…cell service is the future. We need to turn VoIP into a feature, not an application.” He also believes in plug-and-play portability. “You should be able to receive your calls from anywhere,” says Sisson. “The trick is to use SIP and get through firewalls.” Apparently they have a split-client design that is patent-pending.

Also, according to scoopster Om Malik, a deal is in the works between Microsoft and Teleo. Apparently Microsoft wants a piece of the VOIP action. It makes sense, everyone else is buying VoIP (Yahoo bought Dialpad), so why not?