Wovel: An audience-plotted novel written in installments for publication on the Internet. A contraction of web and novel; rhymes with novel.
"A wovel is a Web novel," Blake says. "There's an installment every Monday. At the end of every installment, there's a binary plot branch point with a vote button at the end."
Programmer Pollack describes the wovel format as reminiscent of the old "Choose Your Own Adventure" books, with a high-tech twist: "allowing the readers to ... choose their way through and decide on integral changes in the plot."
The earliest citation for wovel to mean "Web novel" may have been in BoingBoing on May 31, 2008.
The NPR segment aired a week ago; there are now more than 34,000 Google hits for wovel + novel.
On the other hand, a search for the single term "wovel" leads to Wovel: World's Safest Snow Shovel! I assume, but was unable to verify, that this Wovel's pronunciation rhymes with shovel.