I don't know if Majordomo can manage the email list you have in mind, its usually bundled with most web servers, one of the down side is that its command based, in the days that I used it it does not have and interface you can login and manipulate stuff.
You may also want to check this two scripts out:
http://www.aardvarkmailinglist.net/
http://www.phplist.com/
I hope one of the suggestions is useful to you.
Thanks