Right, so, I post a word; the next person changes one letter of that word to make a (real) new one, and the next person changes one letter of Person 2's word to make another new word, and we'll go 'til we get stuck. 3nodding
EXAMPLE:
top
tot
pot
Okay, so the word is...
CALM
Super-Happy-Fun-Time Guild
A fun place to make both friends and gold.