I would like this, but it should begin with everyone having 0.5 hp (realistic effects). If not, full hp is fine.
So there is a countdown, and the event starts.
If you die, you get warped to some other area. (Main Server maybe)
They should definitely use some sort of separate channel for this, would be great.
Like the facebook server. They should use the facebook server for this event.
When the timer runs out, the people who stayed alive gain gralats or some sort of prize. Maybe a purge mask, if that were allowed.
Maybe this could be a guild event too?
Guilds can unite and take out other guilds + everyone else.