The term "role-playing game" carries a lot of baggage with it, ultimately because the role-playing games that most people have experienced are either frameworks for telling fantastical adventure stories, or are games (like video games) based on such frameworks. Fiasco is, in some respects, the most role-playing oriented role-playing game I've ever seen, even though it lacks most of the things that have become essentially synonymous with the term. For instance, it doesn't have character sheets, levels, skills, character advancement, attack tables, combat rules, equipment lists, or treasure of any kind. Thinking of it that way, one could make an argument that it isn't a role-playing game at all!
But it is. It's just wholly different than any other role-playing game ever written. As such, I feel the need to clarify that Fiasco is a "collaborative acting and story-telling party RPG." The book describes how to play the game of Fiasco. In a game, a table of 3 - 5 people play the characters in a psychological drama usually involving some kind of crime or heist that goes horribly awry, that they make up as they go along.
The book describes how the people at the table - all players - choose a setting (what the game calls a "playset") for the story that they're going to tell. Each playset consists of four pages, with each page presenting random tables for four sorts of things that connect the different characters: relationships (mandatory for adjacent players), objects, locations, and needs. Somebody rolls a pile of dice and then the players take turns selecting dice from the results that correspond to the choices they find particularly interesting. Then, having relationships and at least one other connecting element between each player, the people at the table fill in some detail, collaborating on creating their characters. Once that's done, each player takes a turn, performing improvised scenes with his character and another player to advance the plot and develop the relationships. The dice act as a nice guiding mechanic, as other players either get to tell you what the scene you perform will be, or get to decide whether it ends well for your character or not. Halfway through the game, two players are selected at random to determine what "goes wrong" to mess up the flow of the action, and the players take a break to discuss how the game is going, what they liked, and ideas for where it will go (this break is a mandatory part of the game, written into the rules). Finally, the players get back together and continue performing scenes as before, working toward the climax and resolution to the plot.
It's a wonderful game, that results in very interesting and often very funny stories that you build with your friends. I highly recommend it, particularly for people who like to write, act, or otherwise tell stories.
Even though I love the game that results from the book, I have to gripe a bit about the book itself. Like most RPGs, the book leaves a lot to be desired as a reference work. The book is geared for one reading, walking the reader slowly through the steps of the different phases of the game. Unfortunately, it's clearly was not made for repeated readings, much less being able to look stuff up during play. The instructions are scattered throughout the entire volume, and so finding what you want to look up is often an exercise in re-reading entire chapters of the book. Thankfully, the game is pretty elementary, and players should know how to play the game after actually playing it once or twice.