It's exactly fondue - Chinese fondue.
You don't have to buy the fancy hotpot thing that Russ described. You can use an electric wok though it doesn't have the same feel as an authentic one but if you're not too picky, it's perfectly ok. I use one myself.
All you need is a can of chicken broth. Add can to water mixture, approximately 3 cups of water to one can. You can always add more water if you like but don't overfill because it might bubble and splash over. Put hotpot in the middle of the table.
This will be your base soup. The more ingredients that you put in, the more flavorful the soup mixture will become.
You can buy those pre-package soup mix in the Asian aisle, they're specially prepared for hotpot but I don't use them as I feel they're loaded with sodium and what-have-you-not.
Then prepare side dishes and place them around the hotpot. Prawns, scallops, seafood, buck choi / sui choi (the veggie shown in the picture on the right), chicken/beef/pork/whatever balls (you can find them at your Chinese supermarket in the deli or frozen aisle) can also be used. You need
very thin slices of meat to serve. These must be dipped briefly so they cook just right. If you over cook them, then they taste rubbery. Again these meats can be found in your Chinese supermarket.
Other dishes to consider: tofu (silky), deep fried tofu (cut into slices), fish tofu, noodles... etc etc. You're only limited by your imagination.
You'll need dipping sauces too. Soy sauce, chilli sauce, whatever you have.
Set individual bowls out for each guests as well as their own chopsticks, soup spoon, dipping sauce bowls. I like to get these special looking "hotpot" nets that allow you to scoop the stuff out without the soup but you can also offer a big laddle. Doesn't matter. You can make do with whatver you have at home.
Phew. This is the longest I've written! Easy, no?
