Anything goes, as long as it's topical. Just think, make and launch. Your content could be a blog post, an infographic, a video, a flashmob that you film, a Facebook game. Whatever you want.
The team that creates the content with the most hits / likes / retweets wins. In addition, UrgentGenius has "a who's who" (their words) of media folk to appraise the work so even if your creation doesn't win, it could be a "judges favourite." (I'm one of the judges.)
Last years' Urgent Genius Weekender resulted in content featured everywhere from PerezHilton.com to Rolling Stone, the Guardian, Empire and MTV with the best stuff gathering more than 2 million cumulative hits.