We do this all the time here. We try to mix it up everytime. Last time I held a gamerlympics where I bought prizes and I tested everyones retro gamer skills. Some examples of events:
1. Super Mario Bros - with 1 life get as many points as you can, over when you die
2. Castlevania, highest score without dying, just like in SMB
3. Donkey Kong, highest score and try to beat fuckin billy mitchel
4. Sonic the Hedehog- fastest time to beat green hill zone 1-1
5. Defender - high score
6. Geo Wars 2 - deadline high score
7. Pac Man CE - 5:00 high score
etc. we went for 15 rounds liek this. Losers had to shoot disgusting shit, but in the end we all got wasted and I got complaints from neighbors it was so loud. Its gets really intense, if I was back in Lloyd I would so challenge you guys to a gamerlympics. I will be back in Dec, so hook that shit up.
First prize was Sonics Ultimate Genesis Collection, 2nd was M$ points and 3 was also m$ points. I didnt have time to get cooler prizes, but next time I will.