>If you get involved, are you usually only committed to trading one chip? Are you permitted to trade more?

Usually you trade as many as you want. There may be individual rules to a specific RR that limit it, but I haven't seen one.

>Are they broken down based on LEs, currents, OBS, etc?

Generally they are and also by denomination, however some RRs have multiple types of chips.

>DO you trade face value for face value? TCR value?

If these are current chips generally it is face value. My general rule when putting a chip in the RR is I only put a chip in that I think is a fair exchange for the chip I took out. I assume that everyone will know what I took out and what I put in.

When dealing in Obsolete or harder to obtain chips (roulettes for example) TCR is a guide and I would consider TCR as one of the resources to consider whether it is a fair exchange.

>>I know these sound simple, but I keep seeing people post that RRs are forming, and I don't know if I qualify to participate.

try to find an RR where dealing with chips which you have traders available. So if you have a bunch of $5 LE chips available for trade look for an RR forming to deal with $5 LE's. If you have a bunch of $1 house chips look for that type of RR. If you have any question email the person starting the RR, they will be more than happy to help you.