Here is my process:
1. I divide the class into 4 teams. I'll choose someone randomly from each team and have them do rock, scissors, paper to determine which team goes first.
2. I start with the team who won R,S,P, and go turn by turn. In my classes at least, the wait time isn't that much of a problem and students are always into the game even while other teams are playing their turn. A linear game takes the element of choice away from the students, and allowing the students to try to answer all at once is to chaotic and confusing.
3. Whichever team's turn it is, that team has 5-10 seconds to give an answer. If they are wrong, and/or run out of time, then the question is up for grabs by other teams (they can only raise their hands once the other team fails.)
Once a team answers the question correctly, everyone in the class must repeat the answer.
4. Enjoy the game and watch teams relentlessly attack and steal from each other.