According to Reflector, SPWeb is not sealed in either 2007 or 2010.
2007:
[SharePointPermission(SecurityAction.LinkDemand, ObjectModel=true),
SharePointPermission(SecurityAction.LinkDemand, ObjectModel=true),
SharePointPermission(SecurityAction.LinkDemand, ObjectModel=true),
SharePointPermission(SecurityAction.InheritanceDemand, ObjectModel=true)]
public class SPWeb : IDisposable, ISecurableObject
2010:
[SubsetCallableType,
ClientCallableType(Name="Web", ServerTypeId="{A489ADD2-5D3A-4de8-9445-49259462DCEB}", FactoryType=typeof(SPObjectFactory), ObjectIdentityPropertyName="CanonicalId"),
SharePointPermission(SecurityAction.InheritanceDemand, ObjectModel=true),
SharePointPermission(SecurityAction.LinkDemand, ObjectModel=true),
SharePointPermission(SecurityAction.LinkDemand, ObjectModel=true),
SharePointPermission(SecurityAction.LinkDemand, ObjectModel=true)]
public class SPWeb : SPSecurableObject, IDisposable
However, in both versions, the class only has internal constructors, so while Visual Studio will let you try to inherit from the class, it will not compile:
The type 'Microsoft.SharePoint.SPWeb'
has no constructors defined