Young Link: 10
We'll just say that a round three hasn't been started till now.
You usually start off with 10 items (in this case video game characters) that have 10 points. In order to play you have you copy paste the list into your post, and decrease (hurt) the number of one item by one and at the same time increase (heal) the number of one item by one. With each post you MUST do both actions not one or the other. Also for the sake of keeping track, state your action below your post (i.e. "hurt sonic, healed link"). Once a item loses all 10 points it is removed from the list. The person who takes the last point away from the last item standing on the list wins the game.
The interesting thing about this game is the mentality of it. You have people who will work together to gang up on a certain item, people who will attempt to heal up as much as possible a certain item, or people who go and undo your actions just to mess with your head (this is allowed, of course ). But in the end, only one person can win... so alliances get screwed up pretty fast.