I've been on another mud where they, from time to time, had an event that goes something like this:
Everyone who wants to participate creates a new character.
Said characters are advanced to a certain low-level with a decent skill set.
Said characters are given a set amount of money to outfit themselves with equipment.
Said characters are given 2 minutes to buy what they want.
Said characters have their skills brought up to decent usage.
Said characters are not to be buffed by anyone.
After all of this, they are all put in the arena and it is a free-for-all.
The sole survivor is the winner of the day/week/month (however often it is held) and receives a prize (as yet to be determined).
I think it would break the leveling monotony from time to time to have an event like this, and maybe it would slake some peoples bloodthirst by having some good PKing going on. If everyone likes the idea and it is permitted I would like to try for at least once a month, same day every month, so that people could plan ahead and know what day it would be. Or maybe every week, depending on what the prize ends up being.