and second prize is 2 weeks in Philadelphia

Another day, another user generated video contest. This time, the instigators are TBS and MySpace and the focus is on stand-up comedy. The name of the competition just rolls off the tongue: the Stand-Up or Sit Down Comedy Challenge.

In this competition, aspiring comics compete for a $50,000 prize. MySpace users will rate your video and the top five finalists will then be invited to appear in a one-hour special in Las Vegas hosted by george lopez. That special will air on TBS this November 17. Then, MySpace users will vote for their favorite comic.

It is my understanding that MySpace launched a dedicated comedy channel a few months ago and that 15,000 members are 'registered' as comics.