Party idea: Iron Bartender

My brother and I just got back from moving a truckload of stuff from NYC to Miami. Of the many odd conversations we had, we discussed throwing a party around something we like to call Iron Bartender.

Basically: Iron Chef with booze. You get 10 minutes and have to make 2 drinks with "surprise" ingredients that have nothing to do with cocktails and may not even be liquid.

I've seen examples of other people doing this, but with 2 liquors drawn out of a hat and at bars as opposed to in my backyard. I think that's weak, and I propose the following as good surprise ingredients:
- Egg whites
- Jupina/ironbeer/something hispanic
- Carrot juice
- Red onion
- Coconut milk (solid canned kind)
- Melted ice cream
- Nik-l-lips
- Powdered Gatorade
- Powdered kool aid
- International foods fancy Instant coffee
- esoteric stout beer

Judging would be done by a revolving panel. Asian man biting into a yellow pepper optional.

The main problem with this party is expense, as:
1. You'd need to have a fully stocked bar, which is to say an example from each alcohol group, mixers, and the esoteric stuff no one ever buys unless they have a specific drink in mind (like bitters, rimming salt, maraschinos, etc.)
2. Failures would be an undrinkable mess.

I think it'd be worth it in the end. Kira has suggested having guests bring the alcohol, which I think would work if you covered the cost of handles of the basics (rum, gin, vodka, whiskey) and had guests bring what else they could afford.