Microsoft’s annual Dream Build Play competition has begun.  Developers are challenged with creating a game using Microsoft XNA Studio.  Winners receive the a publishing contract for Xbox Live Arcade, as well as a possible sum of money.  A $40,000 prize will go to the grand prize winner, $20K to first prize, $10K to second and $5K to the third prize winner.  Previous winners include Dust: An Elysian Tale, The Dishwasher: Dead Samurai and Lumi.  Interested developers can apply at the Dream Build Play website.

Source: Microsoft via Joystiq