Risk Your Life is a chinese MMORGP currently in open beta that I believe is the answer some of you are looking for and the game some of you think can\'t be done.  

I have not played it but a co-worker has.  You most likely will need a broadband connection as that is the only connection that he played it on.  We haven\'t tried it on a 56k connection.  

Anyways the game is twitch-based.  It does however have 2 elements to it.  First-person and RPG mode.  First person essentially lets you execute moves and attacks on the fly.  Enemy coming at you?  Then just dodge left or right, swing around and cut his back (or something)

The RPG mode is, I believe, the more traditional turn based method but you may be able to pull real-time moves there as well.

The graphics engine is along the lines of AC2, Lineage MMORPG, and Final Fantasy XI.  The look and feel of the game is remeniscent of the Final Fantasy series.

The game is completely in chinese as is the website but there are english speaking players in game who can help.

Here are some links.  Again the game is in open Beta.  
the registration code is 555-555-5555 or some combination of 10 fives and 2 dashes.

http://community.codemasters.com/forum/showthread.php?s=55e97b13d5b9cbd1d594c9592d39e203&threadid=22542


Some screenshots at the official site:
http://www.gamemyth.com/download/download04.asp

Gameplay movies from the offical site:
http://www.gamemyth.com/download/download03.asp

I have yet to play it myself but I\'ve been told first hand that the game runs very stable and the spell effects outstanding.  The kind that are just over-the-top and take up the whole screen like in those console RPGs.

The machine specs that it was played on:
DSL (broadband connection)
IWILL motherboard
Pentium 4
256 RAMBUS RAM
ATI Radeon 9700 Pro
40 GB Maxtor ATA 133
Windows XP Pro
Direct X 9.0