Dig N'Swap functions much the same as ebay. You sign up, browse through postings, and bid on what you like. The great feature about this site is that in addition to using money to finish the exchange you can put up one or more of your belongings to swap. So long as the other party digs your items, you gotta deal baby!
The idea for Dig N' Swap was born out of the lack of a sensible and environment-friendly way to deal with our ever expanding wardrobes (see the story of "stuff" by Annie Leonard). We love fashion, but we also consider that swapping clothes puts less of a strain on the resources of the planet by allowing an item to go through several lives.
Using the reach of the Internet this concept has so much more potential than the typical swap meet. For those of us with insatiable consumer lust we can fill our craving (albeit by letting go of our previous acquisitions) without consuming new goods. Dig N' Swap is in its beta stage but still allows "you to update your wardrobe while protecting your saving account and the environment."