Here’s the “Safe For Work” version–an article in the NY Times describing the program. Short version: it’s social networking with complete strangers. You and your webcam get onto video chat. You click “Next”. A completely random person from anywhere in the world appears in their webcam image. You chat with this stranger.
Of course, you could be looking at a guy in a cat suit (see link above). Or a naked fat guy. Or some dude’s penis. Or a woman sitting on the toilet. Or someone in a freaky mask.
Here’s the NSFW version, with screencaps of unlikely/unfortunate/basically weird interactions between strangers.
Seriously, that’s NSFW. Don’t even open that link with kids in the room.