http://www.stockstock.org/
This is a festival for EDITORS. Everyone entering gets the same source material on a mini-DV tape -- the challenge is to make it into a 3-minute video.
I entered this last year and went to the festival screening. The quality and variety of stuff people made from the fairly unpromising source material was quite amazing.
This is a fun thing to do if you have quite a bit of spare time...
Jeremy