Yahoo! Answers is in Beta testing. The basic idea is that people post questions and provide their answer to other people's questions. The best answer is chose by voting.
For example, What does sic mean?
or
What is the relationship between free will and Free Willy?
People are awarded points for the quality of their questions and answers, which allows them to move up in rank from level 1 (white) questioner/answerer eventually to the highest level 7 (black).
A level 7 guru can ask and answer an unlimited amount of questions.
Yahoo! 360° - Yahoo! Answers Team Blog