I feel a bit like you, web development can be incredibly boring. However, lately there is a bright light on the horizon: social networks analysis should provide for lots of opportunities to run some interesting algorithms. You could always start with the Netflix Challenge (not sure what interests you).

Also many people seem to make shitloads of money with "ad opmtimization software", tools for people to help them optimize their spending on ads. OK, that is ads again, but I think an area where you could run wild with algorithms.

What about image analysis? Google doesn't translate images yet...