I'll not beat around the bush here. Fantasy University is a new Facebook game that's pretty much Kingdom of Loathing, except instead of willfully crap art and surrealist text, it tries to be pretty and has a more satirical tone. But the appeal is just the same- free, lo-fi character development in an overtly funny, monochrome world.
It's also just as addictive as Kingdom of Loathing. Probably don't go and check it out if you have a high power job, a baby, or a high power baby who ejects you from windows when displeased. Thanks to ex-PC Zoner Ed Zitron for the tipoff. Fittingly, I used to go to school with Ed. He was in the year above me, but I was taller.