A wiki solution supports hyperlinks and collaborative editing, but a wiki is only as good as the people who keep it organized and up to date. You need someone to take ownership of the document project, regardless of what tool you use. That person may involve other knowledgeable people to fill in the details, but one person should be responsible for organizing the information.
If you can't use a tool to generate an ERD by reverse engineering, you'll have to design one by hand using TOAD or VISIO.
Any ERD with hundreds of objects is probably useless as a guide for developers, because it'll be unreadable with so many boxes and lines. In a database with so many objects, it's likely that there are "sub-systems" of a few dozen tables and views each. So you should make custom diagrams of these sub-systems, instead of expecting a tool to do it for you.
You can also design a pseudo-ERD, where groups of tables are represented by a single object in one diagram, and that group is expanded in another diagram.
A single ERD or set of ERD's are not sufficient to document a system of this complexity, any more than a class diagram would be adequate to document an OO system. You'll have to write a document, using the ERD's as illustrations. You need text descriptions of the meaning and use of each table, each column, and the relationships between tables (especially where such relationships are implicit instead of represented by referential integrity constraints).
All of this is a lot of work, but it will be worth it. If there's a clear and up-to-date place where the schema is documented, the whole team will benefit from it.
