There is a new Cloverfield Video contest, titled When Cloverfield Hit, with the following theme "Where were you when the monster hit?". The grand prize winner will be selected by Matt Reeves from the top 3 user-voted videos, and the winner gets $4500 and a Paramount DVD prize pack.
There are some music and monster roar clips on the site that can be used in you video, but no other music can be used. See the official rules for full details. Good luck!
UPDATE: Eagle eye viewers have noticed a hidden Dharma logo in the video above. Nice work people!
* Thanks to Luis, Terry, and Chris F. for emailing me about this!