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DailyCaption is a new site that takes a new Flickr photo every day and lets the community create their own caption for what they think could be going on. These are done as mini contests, and captions submitted by users are left in the form of a comments thread. As a user, it's up to you to leave a caption, and also to vote on the captions that have been left by others. How else would we know who the winner is?
The more you participate with the site, the more points you earn. The better you are at what you do, the higher you're ranked. You can also subscribe to RSS feeds displaying the latest captions, and check out the archives for funny captions from days gone by. Of course, tools like this are great for adding tags that improve search engine optimization, and could be implemented by a photo-sharing site just for kicks. A tool that could be used in a similar manner for video is VideoTag.