LuckyCuz, I've had two other people from UKY volunteer, and I may be able to convince my fiance's sister as well -- she LOVES socks. All I need is for you to PM me your mailing address.
There's no way I can think to alter it too much. The only person you would need to buy a pair of socks for would be the person specified on your letter. That letter is sent to you along with a blank copy for you to reproduce and send to 6 additional friends (each with a blank copy as well). The reason it works a bit better than "chain letters" is because you ask your friends if they want to join first, so they're not getting a surprise letter without being told.
Ideally I was wanting to make it all people from UKY, with the thought as you suggested, to post pictures of what we received. Once I get 2-3 more responses, I will send PM's to everyone detailing how it works.
The only other thing I can think is to do it electronically, through e-mail (which would eliminate the need for physical addresses to mail 6 letters...although I will still need your addresses to begin the exchange). But then that's part of the fun as well, getting something besides a bill in the mail.
Any other UKY'ers more interested in participating if it's done through e-mail?? Might be a way to make it international. :-P
Tell me what you think.