First, the game: It's called Word-Sport. Word-Sport is basically Speed Scrabble with some modifications.

Plans were in the works for a version of the Word-Sport game you could buy (including some optional wild tiles) and a computer version of the game, playable over the Internet (modelled after Literati and paralleling the Large Animal Games Flash version of Bananagrams).
An equally fascinating part of the Word-Sport web site is the page that describes the birth of indoor rowing races. (Imagine a treadmill race, but with rowing machines). I am not making these races up. Apparently indoor rowing races inspired and motivated the idea of Word-Sport tournaments, complete with timers and specially designed tables.
Exploring the Word-Sport web site is like peering into an alternate universe because I can totally imagine a world where Word-Sport took off, pre-empting Bananagrams entirely.