Break out your cups and polish your balls, sign-ups for the World Series of Beer Pong III begin this week. And you're not just playing for free beer. This year's grand prize is $50,000.

The competition will be held January 1 - 5, 2008 at the South Point Hotel, Casino & Spa in Las Vegas. Each team will play 10-12 games over two days, whether they win or lose. The best teams will then compete in a final tournament on the third day based on their performance from the first two days.

Last year's event drew over 500 competitors from all over the US and Canada, so competition should be stiff. And in case you're worried about your ability to perform after downing cup after cup of beer, the rules are set up so you can sub water for beer at any time, and no player is allowed to consume more than one beer per hour. (Gotta stay sharp with 50 large on the line.)

Registration ends December 3 and there are travel packages starting at $450 that cover hotel rooms, registration fees and other costs. Head over www.bpong.com to register.