Studio 7 was an eight-week game show event that aired on the WB Television Network. 7 contestants, mostly college-aged students, played in each episode. Prior to the taping of the show, the contestants spent four days in New York City living together, studying for the show.

The gameplay was divided into six rounds, with a different focus of trivia questions for each round:

Questions about events that had occured so far in the 21st century 
Questions about events that had occured so far in the current year (2004) 
Questions about events that had occured within the last 30 days before taping 
Questions on a specialized subject, with study materials given to the contestants ahead of time 
Reciting items in order from an extensive list 
Questions about events that had occured within the last 7 days before taping 
In rounds 1-3, each contestant was called from their "pod" in a predetermined random order to the central microphone, where they were asked a question from the corresponding category for that round. The contestant could answer the question, or throw a ring worn by each contestant into a pool of water behind them. Once they did so, they could ask any one player for help answering the question. That person had the choice of offering the answer (if they knew) or refusing.

When a person answered a question incorrectly, he/she was sent to a bench downstage, where they were "on the block". When two players were "on the block" (regardless of whether or not every contestant had answered a question), the remaining contestants would emerge from their pods, one at a time, to vote on which player would be removed from the game. When a player received the majority of the votes, he/she was eliminated. The other contestant would return to their pod and advance to the next round as normal.

In round 4, all questions related to a specific category, such as "The Cheeses of Wisconsin". The first contestant to incorrectly answer a question was automatically removed from the game.

In round 5, the remaining three contestants would be required to recall a specific list of material. For example, contestants have been asked to memorize lists of the dates of every Super Bowl football game, the teams that played in them, and the final scores for each team. Two contestants would be isolated backstage while one stood in the pool of water on stage. Upon a signal, that contestant would begin reciting the memorized material. Judging in this round was strict. A contestant must name every item in the exact order given, or else the round ends for them. Each contestant is scored on how many elements in the list they give correctly before being stopped. The player with the lowest score is eliminated from the game. In the case of a tie, the player who reached that amount slowest is eliminated.

Round 6 is a speed round. The player who scored higher in the previous round chooses whether to go first or second. On their turn, each player is asked questions on news events from the past week in rapid-fire format. The questions are asked in the exact same order for both contestants. The contestant who answers seven questions faster wins the game.

In the first seven episodes of the series, the winners receive $77,000 while everyone else leaves with nothing. In the eighth episode, the seven previous winners return to play for $777,000 more, resulting in a total of $854,000 for the winner.