Iron Chef of Music (ICOM) is an event that takes place every 1st and 3rd Sunday of a month in a location in Chicago or online. You’re given a secret sample (WAV or MP3) of a random recording. In the past, this has ranged from a recording of a game of table tennis, an 8-bit game, a clip from a movie or a kitchen environment. From that sample, you must create a song in under two hours. No other external sounds or forms of synthesis can be used. At the end, all tracks are uploaded and are played back to back to everyone. Visit the FAQ for a little more information.

The sample for the latest one (March 7, 2010) was a recording of someone messing with Styrofoam. You can listen to it here.
From that sample, i have made this song in under two hours:
Until the end by the chief of thieves

If you have FL Studio 9 and would like to see how it was done, you can download the project i made. The .zip file contains the samples cut from the original source file, Glitch VST (Effect) and the project file itself. Just double click on it and it should open everything just fine.

Download FL Studio Project