After you register you can browse through their whole website and choose any item up to $1000 as the item you would like to win. You then indicate to them what the item is. You are entered into the giveaway and will get the item you choose if you win. After you choose your item you are given a chance to sign up 5 of your friends.
Each day you can choose a new item. Today I choose a Tom Tom GPS receiver. I just did that to have something to pick for the day. I will spend a bit more time choosing something I really want for the rest of the week. You have a chance to win every day.
At the end of the week they will have a grand prize drawing. If you win you get all 5 items that you chose during the week.
I have one caveat about the contest. They aren’t giving away something for nothing. They are collecting email addresses. If you are already an Overstock customer, they already have your info. But they are asking you to give up the email addresses to 5 of your friends each day. You could potentially sell out 25 friends this way. While I personally trust Overstock to not sell my email address, I would not appreciate my friends giving out my email address to a company without my knowledge. Just choose wisely if you decide to give away someone’s email address. Not everyone will appreciate it.