I created this giant Mab Libs book a few years ago and it's been a hit with all grades and ages! I just copied stories from an old Mad Libs book onto oversized paper, laminated it, and connected it with rings. Students can then write on it with a dry erase marker and it can easily be erased and used again and again.
Giant Mad Libs poster.
The first page is just a review of the terms being used. Great for all grades!