I proposed this to some close friends while an undergrad and we briefly did it then got really high/drunk/twisted and the notebook went AWOL. I blame frog toxins but have no actual proof. We made it like 10-15 (depending on who you ask) pages in before it went off the rails. The idea is to write a story collaboratively. The voice will be schizophrenic at best and the story will jump wildly, but I think it will at least be interesting.
Proposal: I will write a few paragraphs that provide characters and setting, but no plot development. You take it in what ever direction you see fit for 5 paragraphs (not strictly enforced if you're inspired). It will then be handed off to the next author to do what he/she sees fit.
Order: I am author 1 and anyone interested will go on from there. We'll recycle (if it gets that far) and I'll write something and run it through the order again.
Anyone interested should just reply to this comment.