I've seen several sites dedicated to this, where two (or three) users post a role play scenario and alternate adding to the story. They can get pretty hot. Aside from being a good read, we get the addd benefit of being able to act these roleplays out BCD. Only members with PA, or verified provider status should have access.
Only issue I see is preventing people from hijacking a thread.
See http://bluemoonroleplaying.com/ as an example.