The version I subscribe to, is somewhat similar to the perspectives ALG and dave have.
I believe all possibilities already exist. It's like a hypersphere of experience radiating outwards into infinity. It is composed of consciousness. Points of consciousness determine what experience they have based on what they tune their consciousness to. It is similar to an enormous ocean of frequency. What we think of as "wave collapse" is consciousness transversing along nodes of experience because its focus or frequency has changed.
So from that perspective all realities exist. An infinity of them. We get to sift through that infinity of parallel realities and pluck out conscious experiences to have.
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