It is essentially as Sweet said. 'Nothing Is True, Everything Is permitted.' In some circumstances, i.e. a person of shabby mental quality, it IS quite dangerous. The resulting magickal/psychological faceplant is quite horrid to witness.
It takes a person of strong psyche to endure Chaoism, but never tell a less-than-bright Chaoist it's dangerous. Otherwise you open the door to a bitter rant about how the blah blah blah in the name of etc etc is what's TRULY dangerous and it's all a matter of perspective in yadda yadda yadda. Many of my brothers and sisters are all too happy to assault with psychobabble, and the meta-belief is truly flooded with dangersou people just tripping all over themselves to take a magick fueled trip to the lovely State of Disaster.
Other than that, it's a blast... :mrgreen:
The overall structure is the 'belief' that belief is a tool to be exploited, and it truly is akin to sorcery than any other form of Magick you may be aware of. There IS a journey there, just not a contemporary 'spiritual' one. The process of reconstructing ones psyche, a laborious footnote in any Chaoists Book of Doom And Whatnots, makes for some truly unique and mercurial people. And some exploding folks, lest we forget those worthy souls.... :killme:
I have been a practising Chaoist for about 3 years now, having dabbled with numerous forms of the occult (the Ecclectic Pagan whom we all know one of, is nothing more than a larval Chaos Magickian. please don't sqoosh him) until I stumbled upon the sanctioned hodgepot of Chaos Magick. Clapping my little hands together with glee, I dove in, and have not been seen since.
Hope that helps a bit, but after i think about all the rambling I just did, I think Sweet probably summed it up better.