The Hacker Cup is Facebook's international coding competition. This is your chance to compete against the worlds best programmers and potentially win the title of world champion and other awesome prizes.

Very first you have to be at least 18 years old. There will be three rounds, and the 25 hackers making it to the end will be flown to Facebook headquarters for the final round of competition.

Facebook Announces Hacker Cup Competition 2011 - SanTech

Prizes as announced by Facebook:
    1st place: $5,000
    2nd place: $2,000
    3rd place: $1,000
    4th - 25th place: $100 each

Registration opens December 20 and the first round will take place in early January where competitors will have 72 hours to work on 3 algorithmic problems.

To register, click here.

Suggested Readings:-
Facebook Hacker Cup
Facebook Hacker Cup FAQ