BDSM Stories - sublinda says the stories are very hot and she is never wrong.
Bondage Fiction
Erotic Readers - stories, articles, books, reviews. This site is awesome.
Free Erotic Stories by emerson fitz
Literotica - one of the best on the Net, tons of stories and more
Males in Slavery Stories: Original stories, pictures, and video clips of males interesting literature and and articles
Ophelias muse:  sad, tragic erotica (that's what the splash page says)
Pablo and Mija's Tree House- spanking stories galore
Ropebinder (Story Site)
Rod Hardon's Tittilating Tales:  personal site of an author..some pretty readable stories here
Sarah Veitch - stories
Screamer Girl - take some Tylenol before going out with her.
Tasha - cool story site
Torture Stories - ouch
Two Shades of Blue - stories and more from two women.
WhiteShadow-BDSM Story Page
Wicked Velvet is currently offering nine novels simultaneously (exclusive to our site), in continuing "serial" format including one by the fabulously popular Sharon Green.  The site is updated twice monthly with new chapters and stories. A pay site (cheap) with some free stories.
Writings of Leviticus: Original BDSM stories by original authors