http://vse.marketwatch.com/
Welcome to Virtual Stock Exchange, a free online trading game from MarketWatch.
With VSE you can:
Create public or private games with a cash balance you set
Choose from thousands of available games
Test your strategy with a personal portfolio
Leverage powerful news and research resources from MarketWatch class
http://simulator.investopedia.com/ 
The Investopedia Stock Simulator supports equity trading (all U.S and Canadian exchanges), option trading, limit/stop orders, margin-like functionality, short selling and adjusts for most corporate actions (splits, dividends, mergers etc), allowing you to test virtually any trading strategy without risk.
http://www.asx.com.au/
Take a hypothetical $50,000, create your own virtual share portfolio and experience what it is like to invest in the sharemarket without spending a cent of your own money.
- Free to play
- Buy and sell shares to increase the value of your portfolio in a set time frame
- Simulates real sharemarket conditions
- Great prizes to be won!
http://www.wallstreetsurvivor.com/
Wall Street Survivor™ is a Free online Fantasy Stock Market Trading Game. Manage your own $100,000 fantasy stock portfolio and execute trades in real time, while competing in a vibrant community of traders.
http://www.yalicoo.com/
Yalicoo's unique platform offers professional, educational and entertaining online virtual stock trading competitions. You can win real monetary prizes, learn in real time from winning strategies of the top performers and view real time stock quotes.
http://www.updown.com/
Practice investing a $1,000,000 virtual portfolio and earn real money with zero risk!
http://www.bullbearings.co.uk/
BullBearings is the UK's leading virtual online trading website. Set up your own virtual stocks & shares, spread betting, CFD or FX trading portfolio and compete against your friends, colleagues and everyone else in our fantasy trading competitions and competitive leagues
http://www.youngmoney.com/stock_market_game
Learn stock market investing basics with $10,000 of fantasy money!
The Fantasy Stock Market Game, FREE to members of youngmoney.com, allows players to invest in a wide variety of stocks. A new game begins every month.
http://clearstation.etrade.com/
ClearStation is a FREE investment analysis and community Web site. ClearStation members can receive emailed stock recommendations, customize their views of graphs and add annotations, create a Watch List and an unlimited number of portfolios, and participate in stock discussions.
http://www.tradindex.com/
Try out any trading strategy or speculative possition you'd like - without risking real money!