Project Runway challenge on Burda Style

For all you crafty types, this is pretty cool:

I got into Project Runway on an airplane ride a couple seasons ago, and now I'm hooked! I tweeted a few weeks ago that someone needs to start a Project Runway shadow blog where they do all the same challenges with all the same time and material limitations. That'd be a blog I'd obsess over!

In that same vein, Burda Style is doing a pretty sweet contest in which you revamp an item you already own and turn it into something way cuter and way better (similar to the first designer challenge of this current season). I want to do something like this, but I want the transformation to be more than just hemming and sleeve shortening:
The deadline is September 30th. See the Burda Style blog for more details.