We present a query-driven algorithm for the distributed indexing of large document collections within structured P2P networks. To cope with bandwidth consumption that has been identified as the major problem for the standard P2P approach with single term indexing, we leverage a distributed index that stores up to top-k document references only for carefully chosen indexing term combinations. In addition, since the number of possible term combinations extracted from a document collection can be very large, we propose to use query statistics to index only such combinations that are indeed frequently requested by the users. Thus, by avoiding the maintenance of superfluous indexing information, we achieve a substantial reduction in bandwidth and storage. A specific activation mechanism is applied to continuously update the indexing information according to changes in the query distribution, resulting in an efficient, constantly evolving query-driven indexing structure. We show that the size of the index and the generated indexing/retrieval traffic remains manageable even for web-size document collections at the price of a marginal loss in precision for rare queries. Our theoretical analysis and experimental results provide convincing evidence about the feasibility of the query-driven indexing strategy for large scale P2P text retrieval. Moreover, our experiments confirm that the retrieval performance is only slightly lower than the one obtained with state-of-the-art centralized query engines.