Well, it's a nifty idea and I know I've seen that trend on Facebook before. But that's also the problem - it's a 1 time use fad type thing. I don't know how much I'd invest in the current incarnation - perhaps just enough to keep the site functioning. Aim for some kind of traffic-based business strategy like ads or something. Maybe it can help pay for the site itself. If you could perhaps take the current idea and evolve it into something with a little more sustaining power then perhaps you could turn it into a nice little side income thing.
let the words become tags linked to the FB account. Such that if users have a tag like "Snowboarder" associated with their FB account - he can build out a tagDB of FB accounts.
This way - you could target ads to FB accounts/users that are all "snowboarders"
Or you can at least search who among your friends have the tag [snowboarder].
Or if you give more categories to the tags, you can ask your friends to fill in their favorite 3 [X] -- so you can simply ask all your friends a question and then build an interesting DB of tags/info/interests of all FB users.