Musical Chairs, as described by Wikipedia, is " a game played by a group of people (usually children), often in an informal setting purely for entertainment such as a birthday party." Sadly, this is true more often than not, in many different disturbing ways. The term, coined after spring semester 2005, refers to when a group of people (the lounge, frosh, etc.) stop dating when the music starts, dance around a bit (sometimes naked and sometimes not), and when the music stops find a new partner.
See: SoapOperaSemester