First base fungo hits fly balls to center field (helps here if both fungo hitters move up and apart, hitting from about the front of the mound extended towards the bases). Center throws to second, second baseman is cutoff (for us it was, anyways - change to suit your style). Third base fungo hits balls to left field, who throw to third, with a second shortstop as cutoff (but you really don't need one, if you're shorthanded).
Next, third base fungo hits to left, who throw to second, SS cuts (make a few of these the "cut off a double on a ball hit into the corner" variety - timing becomes important here, as the other fungo needs to hit many fewer balls than the fungo hitting to left). First base fungo hits to right, who come home, first baseman is cutoff, 60' from home (about pitchers mound - this postitioning puts him out of harms way should the SS overthrow second). On the throws home from right, make sure that they are the "normal" kind - hit the cutoff man, and don't hit too many. The right fielders will get to go again, as they're last throws will be the "do-or die" variety.
Another variation of playing is setting a target (i.e. home plate), and that is the hole for the entire game. For the entire game players go to a different part of the field and try to hit home plate in the fewest strokes.To make the game more interesting players can create certain hazards or obstacles that the players must avoid hitting while making their shot. If a player hits a certain hazard then they may be penalized one stroke, a player can also lose a stroke if he loses their ball while taking a shot.