Well, I'm going to base it off of this world my best friend (growing up) came up with a few years back. We kinda borrowed random things from various things such as LOTR to Naruto. So basically, we had a world with like every magical race, but I'll probably limit it for SU reasons. I'll probably have the following options: Elves, Wizards, Humans, Dwarves, Eldorian (My own little invention) and Murloc. Everyone can at least dabble in magic, but the wizards are the most adept. Elves are the best warriors, humans are all around, Eldorians I will explain if I get around to actually putting the roleplay together, and the Murloc are good with anything involving water. The world is completely massive, and for the two or three years we've been working on the story, we've expanded to different realms and galaxys, and have even come up with battles involving gods (and defeating them) and demons.
I think I'm gonna go for something like each person rules a seperate kindom, or my character will rule and the other RP'ers will play the position of a high-ranking official in the kingdom. We ended up inventing villain after villain, and it's been a bit like Dragon Ball Z, where we keep getting stronger and stronger, so I don't have a specific story to follow. The technology will be medieval like: Crossbows, bows, swords and axes and the like. There will be dragons, treants, giants, orcs, goblins, and every other thing we could reference or think of. Keep in mind, we borrowed a little bit from absolutely everything we could think of.