[trooper6]

First off, I don't actually like rules-free games, I want some rules. But while I generally like heavier (but elegant) rules sets, I have enjoyed rules light games.

I think there are two different types of games here that fall under rules-light/free here...there are probably more, but I'll mention two types.

Rules light that still gives an experience of a standard RPG, with GM the world and Players the characters.
Rules light that focuses on interactive story-telling where no one is really the GM and Players are not focused primarily on embodying a character.

For the former, I recommend the WARP system which comes out of Over the Edge. That has insanely fast character creation, is very light, but still has rules that allow for the tension and uncertainty I like in a traditional RPG (hit points, rolling dice for contested outcomes, etc).

For the latter, I have really enjoyed Fiasco--which you play as a one off and has no GM. Players have characters...but they also jump in to play other characters and it is more fluid. I haven't yet played Downfall or Microscope, those are world level story-telling games, but they seem really fun and I'm excited to try them out. None of these games have GMs, and Downfall and Microscope don't revolve around players identifying with a specific character they have ownership over.

You can try those things out if you still want some rules.