If non-moderator challenges and activities don't actually go in the general thread, then lock this baby up; but if they do, I think we're all in for a good deal of fun.
Back in the day, I started a highly successful thread at Pixel Joint, called Creature hatch-athon. I think to this day, it's the longest thread(correct me if I'm wrong). The basic concept was to make pixel eggs, and wait for others to "hatch" them by making matching pixellated monsters- and likewise hatching others' eggs. It's like opening your christmas presents over and over! It's one big circle jerk. It's awsome.
I have some new rules, to make things more interesting. When creating your pixel egg, create a border around it, and show the colors you use. The hatcher of the egg must use colors from the egg palate, and fill up at least half of the bordered area. The border doesn't need to be square, in fact, it could be shaped like a tetris piece, or any fairly blocky polygonal shape(tetrahedon, hexagon). It's a fun way of manipulating the outcome of your creature.
Here's an example of the process:

Magenta Egg Red PuddodonPS: Don't worry if somebody hatches the same egg you do on accident, sometimes it's fun seeing different takes. But if you know an egg is taken, then move on and take another one.