What exactly is this?

[Citizen]

And are there any live versions of this hack that I can play?

[Revan]

This is an RPG hack, which will add an rpg to your forum. You can fight battles with other members, play the lottery, etc.
Live versions do not exist per se, and I wont be advertising for any other forums I know has this installed. Also, in most cases youd need to have x amount of posts before you can play, so it would be pointless anyways.