One day when I saw one of my less-than-motivated-yet-bright students "teaching" his table mates with a large white board, I was intrigued. Basically, he was repeating what he learned on youtube about the Crazy/Hot Matrix. Unfortunately, this video is not appropriate for the classroom, but look at all the possible ideas you could get from it.
Here's how I see using something like this in the classroom:
The students are grouped in 3s and 4s and decide if they are going to create the male chart or the female chart. Or even the parent chart, best friend chart, business partner chart, etc. The students pick two characteristics for the axes. They could use crazy (I like sanity) vs hot (I like looks). Or they could come up with their own, such as work ethic, age, education, personality, whatever.
Next they would need to come up with zones. I'd say at least 3 to 4 zones. And create the inequalities that bound those zones. Maybe even a few ordered pairs representing celebs or fictional characters??????