I'll play as the US. As soon as I possibly can, I will improve my relations with Japan, which will be played by a friend of mine.
Japan will start up its usual wars, while I start on down the path towards War Plan Red. Once Japan has begun wars against all of its finalized belligerent in southeast Asia, I will invite Japan into my faction, the Pan-Pacific Powers. We'll engage in open trade and lend-lease along an insanely safe set of routes for the size of the area.
Japan will take pretty much every European possession east of India, while I'll take the British posessions in the Americas, including Canada (aside from the Falklands, which I will give to Argentina after Britain capitulates).
Capturing their colonies will not be enough to bring about unconditional surrender from Britain, however. To this end, near the start of the game I will guarantee Ireland's independence, and once the Pacific and Americas are free of British influence, we will invite the Irish Free State into our alliance, converting the Pan-Pacific Powers into the Anti-Anglo Alliance. From Ireland, we'll pretty much obliterate Britain, especially since Japan's and the US's fleets, combined, can blockade the British Isles rather thoroughly.