There used to be a thread at funnygames.com, but it was lost in the aether.
Here's the Cliff Notes version: you have stats, and you have the "bonus dots" (for lack of a better term). Stats are what will give you the different endings, but the dot bonuses are what let you get to do more things. You gain (or in the case of stats, lose) both during the teaching and walking around phases.
Taking a quick look at the main screen once you start a game, there are a lot of buttons. Going counterclockwise from top left:
"Buy Buildings" is hopefully obvious - there are only two options anyway. New buildings let you visit them later, which opens up new events - and in the pool's case, a new club.
"Clubs" - these cost money every year, but they also alter your stats and give bonus dots. In general, you want to activate every club available, and NEVER close them.
"Color Combination" - here's where it gets interesting. As zodiac conveniently suggested, each color in this game equates to a different stat/aspect. Here, you have to pick sets of two (or one) colors that you will use later, in the teaching phase. I'll get to that in a bit.
"Use Color Points" - this is where your bonus dots become neat things, and let you do more things.
"Lessons Book" - here, you alter the amount of 'innuendo' within each teacher's class. Generally, more loyal teachers will allow higher amounts of innuendo - this is a balancing act. Higher innuendo obviously raises the sex stat.
"Assign Teachers" - this is where you assign classes. Notice that each teacher has a specialty, and within that specialty they'll have less minus stats and more plus stats in the teaching phase.
"School Rules" - these actually have a pretty large effect on the game. The effects of each are not always obvious (and in at least one case, probably bugged with a minus sign - I forget where, though), but most of them are pretty intuitive.
"Save" - duh. Note, though, that saving a game is bugged, and screws up the whole 'bonus' system. I'd recommend just playing through the entire game.
"Load" - duh again.
"Next Trimester" - begins the teaching phase.
So, what happens after the first turn? You've followed the arrows (which don't quite point where they should, and begun the first trimester. First, you can do a school event - some of these are more useful than others - I'll get to that later. Now you see a class pop up, with a teacher and an option to pick between the colors you assigned earlier. Huh?
Well, the deal here is that the class (which was randomly picked) can be skewed to either aspect/color (which go in order as you assigned them). Doing this will effect your stats, and in some cases give you bonus points. You'll also see that your teacher either accepted your teaching manual (i.e. amount of innuendo) or rejected it, AND was either able to manage the class or not (this is a function of their authority). They may or may not have had a quote-unquote 'influence' on the class as well, which is a raise in the sex stat caused by teacher sex rating (and possibly the amount of innuendo too). Picking colors is pretty vital - some colors and classes don't combine well and end up lowering stats, others don't really do anything, and some are really, really nice. For the most part, the connections are rather obvious - math isn't joyous, sex classes aren't moral, sports is fun, science is full of learning, etc. You may or may not get a random event after this phase, which often has a choice associated with it.
After this comes the walking phase, where you have three chances to get events. These events differ based on where you went, and have lots off different effects. It's pretty obvious what to do here.
After this comes another teaching phase for second trimester, yadda yadda yadda, then the year's done and you can change class assignments, school rules, use color points, etc. You get 15 years (assuming you haven't used the bonus +5 years you can get), so there is an element of strategy here.
Speaking of that, what are some of the basic strategies to use? Well, first of all, there is one stat that isabsolutely vital: reputation. If reputation hits zero, it's game over. Don't let that happen - the problem, though, is that most sexy stuff lowers your rep. This means you'll have to spend a while building a cushion in your rep before you can start getting really wild. One way to do this is through picking the proper school events (a couple raise this stat, but not every time - experiment!), through lucky events, and just waiting since it will naturally rise if you aren't too naughty. The
best way to do this, though, is to cheat - there are a couple random events that raise reputation, and if you press the "OK" button multiple times before it disappears you'll get the boost more than once.

Your other priority at the start is to get joy bonus dots (the green ones). You need these for the higher sex classes, but they are hard to get to start with. In general, you'll want to get a couple of the extra joy classes ASAP.
Be mindful of how the color aspects work with classes - how you combine them in pairs makes a HUGE difference in the game. Note that the top two pairs are used twice (six slots, eight classes). You'll also have some singlets or an empty pair.
Does that help? If you have more specific questions, I'll do my best to answer.