It's pretty simple really, you list one to three items that you would drop if you were a defeated character and the next person list's what their stat boosting would be and then they list what they would drop and so on.
Example:
Me: I drop my lucky coin.
Next person: +2 Lck.
So I'll get us started:
I drop my glasses and a can of Coke.
Example:
Me: I drop my lucky coin.
Next person: +2 Lck.
So I'll get us started:
I drop my glasses and a can of Coke.