Wipeout is based on an American TV game show of the same name, televised during the late 1980's. There are 16 answers displayed on the board, 11 correct and 5 incorrect. The objective is to choose all 11 correct answers ($25 increments) without choosing a wipeout (incorrect answer). There is a "Hot Spot" prize behind one of the correct answers which adds additional money to the player's winnings. A wipeout will cause all their money to be lost including any money won on the "Hot Spot".

Each Challenge round has 12 answers, 8 correct and 4 incorrect. The players take turns bidding on the number of of answers that they believe that they can choose correctly until they are challenged. The one winning the bid must answer the number of questions he or she has bid. The winner who wins the two Challenge rounds moves on to the Bonus round. The Bonus round has 12 answers, 6 correct and 6 incorrect. The player has 30 seconds to find all six correct answers. If they succeed, they win the game and a car.