Drafting is a form of Magic the Gathering play where you start at a table with other players. Each player recieves 3 booster packs. One pack is opened, and each player selects one card from it, and passes it to the left. Once each pack has been exhausted, the next pack is opened. In this way a deck is constructed for play for the night.

Drafting (Limited) is often more competitive than playing typical MtG with pre-made decks (Constructed)

In fact, drafting has become so popular that the next MtG expansion has a card that's only playable while drafting: http://www.wizards.com/magic/magazine/article.aspx?x=mtg/dai...