Word Dynamo is an excellent new (beta) site for creating flash cards. However, there is more to like then just creating flash cards, there are educational games and quizzes as well. Basically, everything uses a word list which users can create or can browse for others, then they search for what they are looking for by grade level or subject.
I highly recommend checking out Word Dynamo by clicking here!!
Thanks to Larry Ferlazzo's blog and his new feature, This Week in Web 2.0, for the tip.