This is a drupal feature to allow a large group of friends to coordinate their gaming activity. The original intent is board games, but LAN parties and console games could just as easily be organized using this feature module. Create a list of games, then start adding events and locations for the events. Once that is all setup create tables for games to be played on at the events so that people can sign-up. The signup module allows you to limit the number of people who can sign up for each game so you can be sure that games don't get offered too largely. Typical Drupal rule restrictions mean that you can limit who can create events and tables or whatever so that you can be sure a certain amount of sanity ensues.
I've built this mostly as a proof to myself that it can be done as I think about using it to organize a game night at my church. I've done absolutely no custom coding. Everything in this feature is just the organization of CCK, Views and Sign-up module to meet the task. It might be helpful to embed certain views in your own theme, rather than using the sidebars. The sidebar assignments and so forth are optimized for the Garland theme that ships with Drupal.