FullCodePress is a competition rather similar to the 48Hours film competition that is running in New Zealand at the moment. Difference being that it's a website and your team has half the time.
From the site:
On Saturday 18 August 2007, teams from Australia and New Zealand will compete to build a fully-operational website for a non-profit organisation in 24 hours. No excuses, no extensions, no budget overruns.
Sounds like a great idea, but I can't help but wonder whether 24 hours is going to be long enough...