This looks like a lot of fun…
This would make for an awesome team building exercise. Mix people up into teams of half-a-dozen or so. Give each team a video camera, an iPod with some songs pre-loaded (+ a print out of the lyrics!) and perhaps a laptop to do the editing and over-dubbing. Then give them a couple of hours to choose a song and put their masterpiece together.
There is lots of room for creativity: one singer or the whole band, the straight lip-synch or perhaps a bit of a story line, all in one take or with a bunch of editing, some dancing in unusual locations, or a re-make of the original music video (or even a re-make of a re-make).
At the end get everybody back together to watch the final results, perhaps throw in the odd prize for cinematography or whatever.
Would be wicked. :-)
UPDATE: I notice the video I linked to is actually the team behind the Vimeo site. Looks like a good crew eh!