There has been some discussion on what to do here on P&T while the lockout drags on. Choosing another team to root for, or even another sport (unless it's synchronized swimming or pole dancing) doesn't much interest me. However, what could be fun is to form a sim league where we each could be general managers and possibly players.
I did a search of basketball simulations and came back with a ton of results. Sim leagues are different than fantasy leagues. In some you can create your own players and in others you can select from great players from the past and present. I haven't looked at all the search results yet because I thought it would be better to gauge the level of interest here. If you know anything about this or you think you might be interested in participating in something like this I would urge you to do your own research and post your thoughts here.
A couple of interesting ones.