Yea, that's basically it, or at least that falls squarely into the category together with some other things. The most common by far is a sort of communal roleplaying where the actions of the protagonist are determined by the community but you do everything else.
There are a lot of sites with communities that do these things, usually the games/roleplaying section of various forums or image boards. There are also sites that specialize in them, in which case it's usually some specific type of them such as illustrated ( http://www.mspaforums.com/forumdisplay.php?85-Forum-Adventures ), branching+anonymous+collaborative ( http://www.epicsplosion.com/epicsploitation/adventures ), etc.
If you wait a week or so, the lesswrong forums will probably be a good place for you to start a tradition of them, in case you don't want to learn the culture of some existing place. You could also run it on that biog you already have and rely on the comments functionality.
I follow a lot of these things, in a lot of places, and know a fair bit about how to make one successful, so if you're ever in doubt or interest or inspiration is inexplicably dying feel free to ask me.
Oh, and please post a link here whenever you start so I can read it and suggest things.
An exercise:
Name something that you do not do but should/wish you did/are told you ought, or that you do less than is normally recommended. (For instance, "exercise" or "eat vegetables".)
Make an exhaustive list of your sufficient conditions for avoiding this thing. (If you suspect that your list may be non-exhaustive, mention that in your comment.)
Precommit that: If someone comes up with a way to do the thing which doesn't have any of your listed problems, you will at least try it. It counts if you come up with this response yourself upon making your list.
(Based on: Is That Your True Rejection?)
Edit to add: Kindly stick to the spirit of the exercise; if you have no advice in line with the exercise, this is not the place to offer it. Do not drift into confrontational or abusive demands that people adjust their restrictions to suit your cached suggestion, and do not offer unsolicited other-optimizing.
To alleviate crowding, Armok_GoB has created a second thread for this challenge.