This seems like a paradoxically efficient way to encode information. As a simple example, suppose your phone number were 141 5926; all you would have to do to keep track of it would be to say "It starts in the 10^-1 place of pi." Instead of making copies of a Shakespearian sonnet for the class, an English teacher could tell everyone at what place in pi the ascii version of the poem appears. You could back up an entire computer by having it tell you where to find the contents of the hard drive in pi. This is all too good to be true, so I have a feeling that the place value reference number will almost always be bigger than the actual data, with the exception of a few lucky people who want to encode messages that happen to appear very early.
Even if this doesn't compress the data, it could still be used for encoding data with a very small key. You could pick any expression with an irrational decimal expansion,--something as simple as root 2 or something more complicated like square_root(e)^cube_root(pi) / (3^.456)--find your message within the infinite sequence of digits, and keep track of the (probably gigantic) number that refers to that decimal place. That reference number is now your encoded message, and the expression is the key. It will probably take a really long time to encode, but if you have an algorithm for finding the nth digit and skip all the ones between it and the decimal the decoding should go much faster since you know exactly where to look. You probably wouldn't actually do this in decimal; it would be more convenient to use a base that fits the data: binary or hexadecimal for computer files... actually one of those probably covers it since so many kinds of data can be represented in a computer.
This probably isn't practical, but it's funny to think that any data a human has ever created or will ever create--literature, art, sculpture, music, architecture, highly detailed blueprints for cars, gourmet recipes, the proof for Fermat's last theorem, the Krabby Patty's secret formula, tech specs for computers, the entire source code of operating systems, computer programs, video games, this forum post, the procedures I have described in it, and hopefully the analytic solution to the n-body problem, to name a few--have always existed in irrational numbers, but probably require more information to refer to than they consist of.
