Please correct me if I'm wrong, but YC's model is built around working with very early-stage, yet-to-incorporated businesses. A team that had already built a product to the point of beta, or that had been working on one of the ideas on the list for the past three years as someone has mentioned here, would probably not qualify, right?

Actually we especially like groups that have already started.

http://ycombinator.com/faq.html

hi pg - we are already on version 2.0 (already have a subscriber base through version 1.0) - the thing is the dev team is here in the Philippines - our founder is in suburban Detroit - any suggestions? we have a small time window of less than 45 days - to make this happen - I'd be happy to share the details via email.

I don't see why not, if they're interested in the sorts of terms that YC generally does. At least by my reading of PG over time...

Wrong.