Wipeout is played on a vertical plastic tower with rows and columns of slots into which plastic surfers can be inserted. Each player starts with one surfer at the top edge of the tower. A "wave" made of green slime is loaded into a "regulator" at the top of the tower, which dispenses it to pour down the tower at a preselected speed. Players then race their surfers down the tower by rolling a die which controls movement. They try to reach the bottom of the tower first while avoiding being engulfed by the slime and "wiping out".

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