The clever nerds at Eyebeam R&D are running a Contagious Media Showdown

Announcing the world’s first Contagious Media Showdown. Do you have what it takes to corral enough traffic to win the cash prizes? Can you make the next Dancing Baby, All Your Base, or Star Wars Kid and ride into the sunset with the bounty? This is your chance to prove you are the best in the West.

That is, a viral media contest.

Lots of good Web 2.0 buzzwords (Technorati, Creative Commons, etc.) in the rules.

The associated workshop looks pretty interesting too.

Hat tip to Tim at Echoditto.