Shortys guide to mq/ls ofc... Given to: Gaean
All u have to do is to lvl a character up till level 71, then u attempt the masterquest as seen here:
http://www.youtube.com/watch?v=b1JVPgO_OeIThe masterquest can be done by anyone, and is 100% about luck and not skills/equipment.
When u fail a Massterquest (mq) u will recieve 1 gp (Guildpoint) which will be given to ur current guild which is Divine Servant. and u will get ur char back, just in level 0 again, and have to climb 0-71 again

If u pass, u will recieve 2 gp's, which will be given to Divine Servant, ur character will be rerolled again just as a new char, here is the list over chars:
Babarian
Rogue
Fighter
Magician
Guardian
If u pass any of these u will get:
2 Gp's - Samurai
If u pass Samurai u will get:
5 gp's - Paladin
if u pass paladin u will get:
6 gp's - Monk
If u pass Monk u will get:
10 gp's - Ninja
If u pass Ninja u will get:
12 gp's - Warlock
If u pass Warlock u will get:
25 gp's - Headhunter
If u pass Headhunter u will get:
30 gp's - Alchemist
If u pass Alchemist u will get:
100 gp's and u will reset the ladder, which means all chars are rolled back to feeder class (baba, rogue, mage etc etc. any of the 5)