We must create an event in 'Second Life' and then document how it goes.
"Second Life (SL) - is a virtual world developed by Linden Lab that launched on June 23, 2003, and is accessible via the Internet. A free client program called the Second Life Viewer enables its users, called Residents, to interact with each other through avatars. Residents can explore, meet other residents, socialize, participate in individual and group activities, and create and trade virtual property and services with one another, or travel throughout the world, which residents refer to as the grid." - wiki
The first idea was to have a skydiving event as we wanted to avoid the 'have a online party' theme which others had previously gone for.After looking up the skydiving option and reading this blog entry we found your 'avatar' could purchase a parachute in the game for about $1. And frankly after flying up really high then just falling it wasn't very fun in the slightest.
So we are now thinking about a race event. Where avatars will race a 4 person race made with cars of our own creation. We must now go about building the cars and a small circuit. We will probably have to buy a small section of land, but apparently there is free land about so we must look into this properly.
All in all we hope it will be similar in principle to this: