In some of my more advanced classes we told a story. Student one gets word one, starts the story, then student two gets word two and continues the story. It turned out to be quite funny. Not as fun as the other one... trying to think of something else that you could do.....
I like this one, too and an extra variation I do on it is 'Experts' - I get about six to eight students in a row at the front of the class and someone asks them a question, they must answer with student one saying the first word, student two the second etc. Students like it and gets them thinking quickly. Plus, I accept 'fillers' 'cos they're a natural part of spoken speech, eg.
Question: What is your favourite Chinese festival?
Answer:
Student 1: My
Student 2: favourite
Student 3: festival
Student 4: is
Student 5: umm
Student 6: I
Student 1 (again): think
Student 2: umm
Student 3: Spring
Student 4: Festival
Student 6: because
Student 1: I
Student 2: like...
etc etc etc...
I often stand behind them and try and write every word and sound they make on the blackboard then we look at it as a class. The students often say that it's bad English but I point out that that is how we often speak in normal English...umms and ahs, unfinished sentences, changing thoughts in the middle of a sentence, etc. All perfectly normal...