A timed race that involves tasks that must be completed along the way. The tasks change every year, but they are generally always ridiculous, fun, and dirty. Last year there were burlap sacks, a slip 'n slide with whip cream, pumpkin pie throwing, army crawling through a sand pit, and a slew of other activities that you would ideally do on a saturday afternoon.
The top three male and female finishers win a prize. You can also win by estimating your finish time before the race (at sign ups or immediately prior) and then finishing the race with the time that was closest to your guessed time. The prizes are usually candy, a funny hat, and maybe something along the lines of a free movie ticket. but no promises on these. Sometimes there are even t-shirts.
Sign up at the Mudd dining hall Friday or Saturday. If you miss sign-ups, you can generally just walk up and do the race on Saturday.
It's pretty informal and WAY fun.