The idea is this, a story that unfolds sentence by sentence each week. Each sentence can be suggested by anyone who takes part but finally chosen at the end of the week simply by the number of votes cast. Each week the new and chosen sentence is added to the story.
The site containing this could carry on indefinitely running itself, adding new sentences every time there is enough new material voted on.
Having looked around there is a site at http://www.theneverendingstory.co.uk – nearly the same idea.