Never heard of "web series"...gotta get out more.
I never heard of a web series before either, until this one.
Heh... web series are a relatively new phenomenon.
Google "Dr. Horrible's Sing Along Blog"... Niel Patrick Harris, Nathan Fillion, Felicia Day... A rather campy story about a supervillian's rise to villiany.
Also, Felicia day has produced 5 seasons of her web series "The Guild". About a group of disfunctional computer gamers...
... if you play any kind of MMO, you'll get a few good laughs out of it.
Those are the first two I ever came across, but there are a lot more out there.
An entire sub-industry and community has sprung up around web series. There are annual contests and awards, and even an award equivalent to the Emmys.