This is using the latest combat rules, which are: 

Characters have 5 injury levels: scratch scratch scratch injury injury
When all scratches are lost, the character suffers -1 to all rolls,
and when an injury is lost, the character suffers -1 per injury. 
Scratches go away at the end of the scene; injuries take a while longer.

If you win a contest, you get a bonus to the next round equal to half
your degree of success (to a max of +4), or you can choose to instead
cash your current bonus (not the bonus from this round), which raises
the current risk level by your bonus and does damage to the target at
that higher risk level. Before rolling, either/both parties can raise
the risk level for both people by X levels in exchange for taking a -X
penalty to the roll for that round only. When one person takes damage,
the risk level is reset back to the starting level.

The risk levels are:

Terrible: If none of the boxes are checked, check the first
Poor: If the first box isn't checked, check it; otherwise if the
      first unchecked box is the third or less check it; otherwise
      do nothing
Mediocre: If any of the first two boxes aren't checked, check them;
          otherwise if the first unchecked box is the fourth or less,
          check it; otherwise nothing
Fair: If any of the first three boxes aren't checked, check them;
      otherwise if the first unchecked box is the fifth or less, check
      it; otherwise nothing
Good: first four
Great: first five
Superb: first six (or incapacitate)

(The shorthand here is that risk level Poor checks one box, and each
succeeding level checks one more box.)

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Our fearless heroine Meg, with her Great Fencing ability, has docked
her ship on Jawbone Isle and made her way in to the fortress where her
nemesis Claude is meeting with the other pirate captains to plot out
their assault -- a meeting she plans to interrupt.

GM: Ok, you round the corner, and there, at the end of the passage,
    are the doors to what must be the Great Hall. But in the middle of
    the passage there's a guard, standing in a nobody-gets-past-me
    kind of way.
Jo: I walk over to him. (as Meg) Excuse me, I'm afraid I must be going
    in there.
GM: He sneers. "Ain't nobody getting in til Claude gives the
    word. Just turn right around, lady," the guard says.
Jo: "I've got something better than Claude's word," I say, drawing my
    sword.
GM: "Oh, that's how it is, is it?" the guard draws his own sword, and
    slices at you, confidently -- a little too confidently -- he gets
    a Fair (0).
Jo: I'm playing it defensively to start off with, trying to back up
    and keep him away from the door -- I get a Good (1).
GM: You retreat a few paces, and he slashes with his cutlass, but slices
    only air. He's a little bit off-guard: you have a +1 bonus.
Jo: Now I pick up the pace and go for it, trying to end this
    quickly. I'm raising the risk level by 1. With the penalty, I get .. 
    hrm, Good (1) again.
GM: You're in luck -- he gets Terrible-2 (-5). Want to cash your
    bonus?
Jo: No, I'm taking the +3.
GM: Okay then -- the guard stumbles backwards as you swing your sword
    up: he clearly just realized what he's gotten into.
Jo: I press the attack -- "I'm going in that hall, past your body or
    over it." Ha, Superb+3 (6).
GM: Man, this guy can't roll squat. Terrible-1 (-4).
Jo: Hmm, I'll give him a chance. I cash my +3. 
GM: That's giving him a chance?
Jo: I could have taken the +4 -- we're at +1 risk anyway.
GM: Good point. Anyway: You bash the guard's sword to one side as he
    continues retreating, and stab your blade into the fleshy part of 
    his shoulder. His face goes white.
Jo: (as Meg) Now, drop your sword and lie on the ground, or next time
    this blade finds your heart.
GM: He obeys hastily; his cutlass clatters onto the floor.
Jo: I pull off his belt and tie him up with it, then drag him -- er,
    is there someplace to drag him to?
GM: Not immediately visible. Do you want to take time to look for one?
Jo: Nah, whatever. I drag him off to one side so he's not visible
    until you're at least around the corner, and then proceed onwards.

GM: Ok, you're before the big wooden doors. You can faintly hear
    voices on the other side: "I don't know if this plan of yours will
    work, Claude" "Arr, who says th' navy will be distracted like ye
    be saying?" "Gentlemen, gentlemen -- trust me! I have it all in
    hand!"
Jo: That does it, I'm throwing open the doors.
GM: It's not as huge as the doors would suggest, but it's a
    luxuriously appointed banquet hall. The long table in the center
    has Claude at the far end, facing you, and another dozen pirates
    sitting around it. They're all staring at you.
Jo: (as Meg) You fools! Don't you know he plots with the admiralty to
    betray you all? When you move your ships out, the navy will
    capture them at once!
GM: Claude rises as you speak, the familiar smirk appearing on his
    face. "Ah, Meg, always the sore loser, eh? So sorry about that
    little incident on the trading ship -- but this is man's business
    now. Guards, get her out of here."
Jo: (as Meg) Your guards can't keep me out now -- I have proof! (OOC)
    I take the scroll out of the case on my belt and unfurl it. "A
    treaty with the navy! And here's Claude's signature at the
    bottom!"
GM: The other pirates in the room mutter in surprise, not sure what to
    do. Claude draws his sword and stalks over to you. "You've trifled
    with my honor for the last time -- today we finish this!" 
Jo: "Gladly," I say. I draw my sword and lunge for him -- ha, Superb (3).
GM: He gets a Superb (3) also. Go ahead and narrate.
Jo: I raise my eyebrows as he gets his sword up in time to block
    me. "I see you've been practicing. Luckily, so have I." As we
    fight back and forth, I take a better scan of the room. What's it look
    like?
GM: The other pirate captains have spread out to watch the fight,
    apparently not wanting to get involved. As mentioned, there's a
    long banquet table in the center, laid with a dozen place
    settings, including fancy silver wine-goblets -- all mismatched
    and no doubt stolen from luckless merchant ships. The walls are
    hung with similarly-stolen tapestries and an oil painting or three
    (one of which must not have been stolen, since it's of Claude
    himself), and the room is lit by candles on the table and a
    chandelier overhead.
Jo: Right then. I renew my attack, trying to press him against the
    table. I get a .. Good (1).
GM: Ok, and you get a +1 bonus for the press against the table. Claude
    snarls and lashes out with a .. Superb (3). He's taking the +1 bonus.
Jo: Eek. I retreat slowly as Claude's furious slashes force me backwards. 
    When he pauses a bit, I fight back .. ha, Superb+1 (4).
GM: Claude gets a Good (1).
Jo: I'll take the +2.
GM: Right then -- seizing the momentum, you slash out at Claude and
    force him back in return. He dodges and weaves and heads back step
    after step until he's against the wall.
Jo: "Your treachery has come back to bite you at last!" I shout, and
    stab at him.
GM: "Oh?" he says, swinging out with his cutlass -- but at the rope
    supporting the nearby tapestry, sending it toppling down. Roll to
    dodge. 
Jo: Hmm, I guess I only have Fair (0) skill there. Ah, a Good (1) roll.
GM: You dodge to the side as the tapestry drops, but it knocks your
    sword-arm: your bonus drops by one.
Jo: (as Meg) "Is that your best shot? Now take mine!" (OOC) I try and
    force him back towards the table -- a Superb (3) roll -- let's see
    him beat that. 
GM: He can't -- he only gets a Fair (0), in fact. He spins away from
    the wall as your blade swipes out, and you push him up to the
    table's edge again.
Jo: (as Meg) There's no place to run now, Claude! (OOC) Superb+3 (6)!
GM: Superb+1 (4) for Claude -- The two of you are putting on a
    brilliant display of swordplay, perhaps the best that this hall
    has ever seen. Slowly but surely you force him back, not letting
    even the smallest slip go unchallenged -- and then with a jump
    Claude leaps onto the table, sending dishes flying! He'll be at +1
    next round for that (as will you, due to your bonus).
Jo: I leap up on the table and battle it out with him, trying to keep
    him on the table .. Superb+1 (4).
GM: Claude only gets a Great (2): the two of you trample the remains
    of dinner under your feet under your feet as you duel back and
    forth, blades flashing.
Jo: Ok, waiting for an opportune moment, I maneuver him under the
    chandelier, and then leap off the table to slash its rope!
GM: The chandelier drops straight at him! Let's make this a straight
    opposed action of your Fencing versus his Dodge -- he gets a Great (2) -- 
    you can keep your +1 bonus from the previous round.
Jo: Ha, Superb (3).
GM: The chandelier smashes into Claude's shoulder -- you get an additional +2
    on the next round, bringing you to +3.
Jo: Taking advantage of his stunned state, I drive straight for
    Claude's heart -- I raise the risk by one, too. Superb+3 (6)!
GM: Oops, Claude gets a Fair (0). What do you want to do?
Jo: Are you kidding? I cash the +3!
GM: Your sword strikes home, slashing through his fancy shirt and
    gashing a bloody stripe. Claude staggers backwards, only barely
    staying on the table. With the increased risk, Claude fills in all
    five boxes: he'll be at -3 in the future.
Jo: I leap back onto the table and drive at him again -- no mercy!
    Superb (3) roll.
GM: In his weakened state, Claude can barely mount a defense; Poor
    (-2).
Jo: I take the +3, naturally, since I have to have at least Good (1)
    risk to damage him any more at this point. Slash! Superb+2 (5),
    and cash if I hit!
GM: Claude gets .. a Poor (-2). Your strike goes home and he topples
    backwards, crashing full-length onto the table.
Jo: I put one foot onto his body, and spin my sword around to point at
    the other captains. "No more taking orders from fops and
    traitors!" I shout. "Pirates will be free forever! Tomorrow we
    sail to strike back at the navy!"