In the past, playing video games meant mastering Tetris on a long car ride, wasting hours slaying a poorly animated lizard, or playing Madden for bragging rights. But ever since video games began steamrolling allowances, the industry has kept players coming back with new technology. The most addictive and lucrative games of late? Massive Multiplayer Online Role Playing Games (MMORPG's) like World of Warcraft, and eerily elaborate online worlds like There and Second Life. Welcome to a new era in video games, where millions of real dollars are exchanged between players online every day.

With the advent of the Internet, gaming companies saw potential for role playing games where players could interface, communicate or battle with others online. The trend caught on with games like World of Warcraft, an MMORPG in its fourth evolution since launching in 1994. Some of you might remember playing games like Dungeons and Dragons, but make no mistake--these are not your older brother's video games.

The economics of this online phenomenon are astounding. Do a quick search on eBay. You'll find MMORPG player accounts for as much as $6,000. A World of Warcraft account with an advanced character can cost well over $1,000. In games like Everquest and Eve Online, characters go for more than $750 and $2,000, respectively. Players also sell special items and even game currency. Like traders on Wall Street, gamers can actually track exchange rates at gameusd.com. Instead of comparing the Ruble or Euro to the dollar, here online game currencies become commodities.

With MMORPG's, you can "play" for hundreds, even thousands, of hours without approaching anything that one might term "winning." In an ever-repeating cycle players complete quests, earning new items, weapons or currency to buy more things in the game, and complete even more quests. Sorry, but that sounds like a job.

Don't laugh. For some around the world, online gaming actually is a job. Mike Everest, a high school senior in Colorado, earned more than $35,000 by selling off "weapons" from the online game Entropia, with a little help from his mom. Philanthropically, he is using a portion of this money to help his siblings through college. Being an underage virtual arms dealer apparently pays better than a summer job at Taco Bell.

If you're not into bow-hunting and killer goblins, elaborate online worlds like Second Life and There lure gamers with the thrill of merely acting out normal life online. The goal of the games is to make more friends and buy more stuff, anything from vehicles to pets, clothes, hair, and even tattoos. Of course, the entrepreneurial players reap the benefits of virtual shopaholics - approximately 3,000 players make $20,000 or more per year with Second Life businesses.

Not surprisingly, some companies capitalize on Second Life as a way to test product viability. Companies like Nissan and Nike set up shop, allowing players to demo their products. But don't worry, if you're not a fan of corporate conglomerates, there are even Second Life protest groups, such as the Second Life Liberation Army, that protest virtual marketing practices.

Reuters jumped in on the act, buying an island in Second Life with text, photo, and video news broadcasts. Record companies like BMG promote their artists, allowing players to check out new music easily--and legally. IKEA furniture has even made an appearance, though it is pitiful if even your virtual space is covered in budget-priced furniture. Especially if it doesn't come pre-assembled.

Until an MMORPG or a virtual tattoo can give me the satisfaction and thrill of tangible victory, I'll stick to the time-tested college student formula of beating up on real friends in Madden and getting my news from Jon Stewart.

Sources: news.com.com; pcmag.com; wired.com; slboutique.com; popsci.com; signonsandiego.com; networks.silicon.com; pbs.org; electricsheepcompany.com; theage.com.au; ebay.com; "Can there.combring that wider demo here?". Electronic Gaming Business. Oct 22, 2003. Findarticles.com. 01 Dec. 2006; wikipedia.org