Its sounds like a cool thing to do, but then there was this in the description:
Cartoon Hangover wrote:In order to submit you will be required to agree to the following:
Your track is 100% original and features music, sound, and voices created and owned by you.
By submitting, you are not guaranteed to be selected for the soundtrack album.
If selected, you understand that Frederator will purchase your track for $250 and you will not make any more money from the song.
If selected, Frederator will own your track in perpetuity, and you will give up all rights to ownership and control of the song.
You give up your rights to claim that other songs that Frederator chooses may be similar to yours.
By submitting, you agree to sign a contract if your song is chosen by Frederator. If the song is written by more than one person, every writer will have to sign.
So what do you guys think of this? Is it a worthy challenge, or should it be avoided at all costs?