AFnord: For co-op, Neverwinter Nights with user made content is great, though don't even bother with any of the included campaigns, they have among the worst plots I've ever seen in a CRPG (heck, it would probably have been better if they just said "go kill thing in dungeon", that way it would not have felt like they tried and failed horribly).
In regards to single player, Planescape: Torment. This game has what probably is THE best story ever created for a computer game. It is rather combat light, and very dialogue heavy, but the writing is top notch, all the way through, with plenty of interesting characters and environments. It is a life changing experience.
I found NWN as a whole to be a bad RPG, I know it's not a popular opinion but the game is just so linear, I mean it even has cut-scenes which aren't movies. I forgot I was even playing an RPG at times, and thought I was just collecting points on a standard hack and slash game from beginning to end.
But yeah seconding Planescape, also Arcanum and Baldur's Gate/s, those games give you a nice feeling of freedom and being actually able to "role play", and not be dragged along some generic straight-forward plot.
Also, Arcanum is set in a very unique and original take on a fantasy world.