For those of you who want a jump start on the competition, head over to Iain Lobb's blog and grab the source code that he is graciously giving away. Even if you aren't joining the competition, you should definitely check out his code. He was the technical reviewer on The Essential Guide to Flash Games (which basically means he knows his stuff and then some).
I am continually impressed by members of the Flash community like Iain. He has taken the spirit of the competition and has ran with it. The Benevolent Bug is spreading! ;)