We wouldn't necessarily need to make a new thread. Create one official thread, sticky it in Off Topic (since not much is stickied there) and have all the losers post once. Once the time period is up, a mod can simple delete the posts and it will be a unreplied thread till more sig bets and such are done.
Of course, no responses like "LOL! That is great", it would just be to post the sigs/avs.
Basically, the poster says
Here is my sig/av until: XX/XX/08 and the post will be deleted (by the poster or a mod) after that date.
If everyone wants to do it, I don't see why not.
Of course, 1 thread for every event would work just as easy.
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