Mechanical Olympians are encouraged to create their own interpretations of Olympic performances. Some are funny, abstract, or absurd, while others are mundane, literal translations of a sporting event. Payments are made on mturk.com, without bias toward the style of the video performance. Bonus payments have been delivered to past winners (videos with the most Likes on YouTube or favored in a poll). The winning performances tend to be funny or clever. If you'd like to contribute, sign up to be a worker on mturk.com (all you need is an Amazon account) and accept a HIT starting 1-month before the Olympic Games.
But wait, there's more! Check out Marisa Olson's review of the Mechanical Olympics from its first incarnation (2008) on Rhizome.