Four distinct points, $A$, $B$, $C$, and $D$, are to be selected from $1996$ points evenly spaced around a circle. All quadruples are equally likely to be chosen. What is the probability that the chord $\overline{AB}$ intersects the chord $\overline{CD}$?
Because all quadruples are equally likely, we need only examine the six clockwise orderings of the points: \[ACBD, ADBC, ABCD, ADCB, ABDC, \text{ and } ACDB.\] Only the first two of these equally likely orderings satisfy the intersection condition, so the probability is $2/6=\boxed{\frac{1}{3}}$.