This idea is open source -- just like
http://justtraffic.blogspot.com --
Is there a site that does a reality porn version of American Idol? But instead of singers, you have wannabe adult entertainment stars? Structure it like the TV show -- make sure it's a parody so there's no legal issues. (Porn's always been big with parodies of normal mainstream cultural fare spawning such forgettable but still funny titles like The HornyMooners and When Harry Ate Sally et al.)
Sequence 1: Auditions and Interviews. Judged by content producers and site operators. Elements: mini-bios, profiles, 'day in the life' video, background info, etc.
Sequence 2: The Final 20. Outdoor challenge. Content shoot trials. Judged by the site's members.
Sequence 3: The Finals.
Interesting idea that fuses the differing trends out there in mass media culture: audience participation, "real" situations, high interactivity