TeamXchange, an online team-based exercise, is described. TeamXchange is consistent with the collaborative model of learning and provides a means of fostering enhanced student learning and engagement through collaboration in virtual teams experiencing periodic membership changes. It was administered in an undergraduate Organizational Behavior course over two 4-week sessions using WebCT classroom support technology. Quantitative and qualitative results demonstrate some support for the exercise objectives. Specifically, learning of course material, learning about teamwork, and confidence for working in virtual teams were enhanced among those without prior experience working in virtual teams. Team cohesiveness and social loafing behavior were lower in fluid teams than in stable teams. Finally, introverted individuals perceived themselves as having more influence and their teams as more cohesive and communicative than did more extraverted individuals. These results suggest the potential value of TeamXchange, especially for those who have not previously been exposed to virtual teams or who are normally more reticent in face-to-face team or large-class settings. Exercise implications and lessons learned are discussed. (Contains 3 tables.)