This is basically like
IGYNPADCA, except everyone is pretending to be wizards rather than playing a videogame. If you're not too familiar with IGYNPADCA, the basic idea of that and this is that it's an
improv game, which means everyone just makes things up as they go along, and everyone considers what anyone says to be true. Even if you don't like what someone says, it's best not to outright negate what they say. Rather, you should try to work with what the other person says, as otherwise you simply cause the conversation to fall flat and go nowhere.
Also, I don't know how necessary this is, but looking at the OP for IGYNPADCA, it mentioned a need for people to play newbies. I guess this part is kind of like getting suggestions from the audience in improvisational theater. The video had people calling in with questions, but I think the conceit here will be that we're on the Aethernet having a discussion, so I guess we should just have people posting occasionally with questions.
And I suppose some random generators wouldn't hurt, and the ones from IGYNPADCA still seem relevant, so I'll copy those over:
http://www.seventhsanctum.com/index-skill.php, this page has a pretty good selection of Seventh Sanctum generators.
http://www.springhole.net/writing_roleplaying_randomators/nounverber_names.htm, for all your nounverbing needs
http://www.springhole.net/writing_roleplaying_randomators/sf_namegens.htm, a list of a lot of good generators for coming up with actual made-up words
http://www.thewingless.com/forge/, A flash-based generator with some neat options.
Oh, and the same rules for out-of-character talk go for this thread as they do in IGYNPADCA: keep it in OOC spoilers.