We are planning a competition of some sort on the IRC channel, but we don't have nearly enough participants there for an event to take place.
So, at the moment it's going to be a 24h competition on some weekend, with a theme randomly picked from suggestions, or a requirement of using three instruments picked by me, and a limit of two optional ones. But this is only the start. Feel free to add any improvements you come up with to the documents.
Participant list, compo length, date and theme suggestions:
Plans and details: