A type of writing challenge on (mostly) livejournal communities for certain fandoms. This type of challenge is composed of rounds. On each round the participants will have to write a story based on a prompt. The stories are posted anonymously and then voted on. The story with the most votes will win the round, while the story with the least votes will be eliminated. This process is repeated until there is only one fiction writer standing, which will then be selected as the Last Fic Writer Standing.
Many icon making comms have a similar type of challenge - LIMS, Last Icon Maker Standing - which revolves around the same principles.
Did I think that was funny? Yes LFW.
I'd say LOL, but I'm trying to be honest this week, so LFW.