Tales of Wank
A friend pointed me toward this one, and it's too good to pass up.

There is a Nintendo game called Tales of Symphonia. Tales of Symphonia has a small, yet active fandom, and as we all know, with fandom, comes wank. And with LJ RPGs comes even more wank.

On one of the many ToS RPGs on Livejournal, the person playing the character of Regal Bryant is apparently not up to scratch. So when Regal-mun posts a poorly characterized chat-log on the main RPG community, it draws the fire of a lurking mouse:

I've been lurking on this RPG for a while and I really enjoy reading everything but your posts. This is due mainly to the fact that your characterization sucks furry, sweaty buffalo nads. You may think I exaggerate, but I assure you, I do not. In the world of RPG, there are various levels of characterization: "In character", "slightly OOC", "really OOC", and "oh my God call the f***ing cops because someone just committed canon rape." I would give you one guess as to which category you fall into, but since you lack the mental capacity to post anything other than random drivel, I shall assume that you also lack the mental capacity to understand the point of this post. I will therefore spell it out for you. A small legion of drunken leprechauns dancing the Irish jig atop a non-ASCII standard keyboard could likely produce a more coherent post, and your concept of characterization is shameful on a good day. You don't just rape canon. You bend it over, sodomize it until it bleeds, then blow your load all over its chest.

Whoo boy! Next up comes the moderator, who is not amused. The mod, however, is ignored by the troll, who decides to go after Regal-mun's response instead. The other players jump in, and a 32-post wank ensues, including such gems as Okay, WTF. That is so lame, MARTHA STEWART IS MY HERO, I don't get it, and Sorry. Grammar Nazi gets gassed. It finally concludes when Regal-mun announces that she's leaving the RPG.

So everything's fine now, right? WRONG. Regal-mun goes to her character journal and posts yet another I'm leaving! message. A few players are sad to see her go, but then our beloved mouse returns, and offers three simple words of encouragement: IT'S ABOUT TIME.

Cue Splooge Fest Part Deux, and it goes for 94 posts this time, with wank from the troll, the mod, and various players posting under their character names. A few highlights include: You should thank me for chasing off your crappy players; You're an RPG terrorist! (To which the troll responds: Sweetie, get a grip. I'm trolling an RPG, not bombing the World Trade Center.); and "Nobody has the power to make you a post whore without your consent."

After arguing with the troll for a while, and possibly noticing that the troll has seemingly managed to win over a few of the RPers, the mod finally tries to calm things down. The troll bids the moderator a polite farewell, and thus ends the Tales of Wank.

Or at least until the sequel comes out.