Several Flight Simulator geeks are flying around the world in the 2007 Round-The-World Flight Simulator Race. The race pits teams from AVSim, FlightSim and Sim-Outhouse against each other in a race around the world with special rules, conditions and bonuses.
All teams were given the rules 24 hours in advance of the start of the race (10a EST on Friday). The rules include route requirements (such as two airports about 3000m above sea level and two airports below sea level), bonus airports and various rules such as if a plane crashes and which planes could be used in the race.
The teams use a SHOUTcast server so you can follow the chatter as they are flying around. Here's Team AVSim's SHOUTcast page. Also, you can perform live tracking and check out the status of race on Google Earth.