Gratz! Two of my friends entered into a similar contest last year in Florida. It was technicaly 48 hours (
http://48hourfilm.com/ ) but it had to be filmed in a certain location, so with all the driving there and back, they only had about 36 hours to work on it.
Were there certain restrictions they gave you to prevent you from working things out in advance?
For my friends project, they didn't know the genre until they got to the location, they had to shoot some video of Miami, had to name a character Brad Durzon, he had to be a notary, and somewhere along the way "vitamins" had to be a plot point. I think that was it.
My friends' movie was picked as the best out of the string that were showed in our thearter viewing, but did not win at the next leg of the competition. There were another two thearter viewings of other films.
Good stuff...