I blogger friend from Live Journal (http://kara-gnome.livejournal.com/) directed me to this post. I found the exercise very helpful and will definitely try it later this weekend when I work on the plot of my novel. It couldn't have come at a better time, as I'm working on a proposal that includes a detailed outline.
The title of the post is: An Exercise in Plotting: The Seven Sentence Story
Hope you find it helpful as well!