The explosion and rapid embrace of Massively Multiplayer Online Role Playing Games (MMORPG) has provided players with unique, fully immersive three dimensional environments in which they can express themselves in a myriad of ways. Players can develop unique skill sets, share knowledge, explore and experiment with various identities and network with like-minded individuals. Evidence suggests however, that these opportunities are accompanied with a number of risks including addiction, desensitisation and threats to the privacy of personal information. This paper presents a novel Taxonomy of opportunities and risks in the specific context of Massively Multiplayer Online Role Playing Games