From the back of the box: "Surf's Up! It's a fast-paced, wave-riding race! You'll ride the waves, race against other awesome surfer dudes, and avoid wiping out in a fast-action, excellent surfin' experience! But beware! If you don't boogie fast enough you'll be swallowed up by the wildest wave you've ever seen! You gotta' be quick...or wipe out!"

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 goo is loaded into a "regulator" at the top of the tower, which dispenses the goo 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 goo and "wiping out."