What is it?
By bringing to life the characters in a book it helps you get more involved in the story and start to pick up on he detail in books. All you need to do is get a piece of paper and start drawing a scene or a character from the book, you don't even need to draw you could paint or even build some thing. maybe you could animate a scene in the book even.
What sort of space will you need?
For this you could do it any where. but if you are doing painting or any thing messy then maybe put some paper down.
When could it take place?
This could be done any time a it matter which book you read. for example if you read the 'night before Christmas' then you might want to do it at Christmas but it's up to you.
To turn this into a real hack just have fun. that's why some kids hate reading because no one makes it fun for them