A tournament is a poker game in which each player starts with an
equal amount of chips. All of the players in the tournament continue
to play until one player has won all of the chips.
To start the tournament, each player is dealt a card. The player
with the highest card starts the game as the dealer. Each player's
goal is to win as many chips as possible. Players who lose all of
their chips are out of the tournament. As the tournament continues,
more and more players are eliminated until only one remains: the
winner!

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Check out the Party Poker site for their
current tournament schedule. There are many tournaments starting
daily. The most famous one is the Party Poker Million. A
multi-million dollar tournament that is held yearly.