What an absolutely iconic game. I work with small groups of students and they have a ball with it--my board game group was doubled over in laughter from this game too. I really love how there's no prep and no stats, just pure story. Sometimes I have my participants expand on their relationships with their friends and rivals. With one player being the newcomer and two other players who tell two stories each, the game lasts 15-20 minutes. With a group of four to five, it takes 20-25 minutes if they all say one story each.
If you're looking for a way to encourage students to speak or if you just want to bust a gut laughing, this game is perfect for that :)