No, it’s not a new sporting event. It’s a grassroots, online network of people who are giving (and getting) stuff for free in their own communities.
Freecycling is simple: If you have something to give away–an old dresser, fabric scraps, or outgrown kids’ clothes–you post an announcement on the Internet. Soon enough, you’ll probably be contacted by someone who will give the item a new home. Likewise, if you have a specific need, you may post that. Learn more or join at Freecycle.org.