If it didn't take itself so damn seriously it'd be a good story, I think. I mean, the Rosenburg stories (can't remember the titles off hand) where D&D worlds were real worked, and there was that cartoon on the telly which worked too. But this is just too up its own bottom (now, we wouldn't want to say 'arse' would we? Truly enlightened masters wouldn't be so coarse!), and it's got too much New Age tat (for instance meditation is the key to stopping the conflict between Israel and Palestine, if three guys just sit down and truly meditate then it'll all stop, no really).
Oops, almost forgot, it's called "Starbrow" and is by Tim Ray. And needless to say, I got it out of the library.