I didn't see this posted anywhere so thought I'd toss it up.
35-word pitch and first 250 words of your MS are all that's needed to enter. Submissions are open for one full day. All subs rec'd make it into the first round, and then they're trimmed down from there. Top 60 make it into Pitch Madness. But look around her site--there are several mini-contests that can get you past those first 2 slush pile rounds.
If anyone wants to try their pitches out here to get some feedback, I think that'd be great. I'll even toss mine out first:
How NOT to take a road trip: buy an old hippie van, pick up a mysterious hitchhiker, witness a murder, steal from the mafia, cross a biker gang, and pray no one kills you.