There's two types of challenges, which involve increasing your Gamerscore over a set time:
Open Challenge - Compete for bragging rights! (see terms & conditions here)
Win Rewards! - Compete for rewards! (see official rules here)

To participate, you will need an Xbox Live Gold account and a membership at 360Voice (free). Either look for an existing challenge with open slots or get one started. There's also a new option to turn on an Auto-Challenge setting. You can only compete in one challenge at a time.

Here's the February challenges, as listed on 360Voice.com:

Daily Microsoft Point Giveaways:
Each day in February we will give away 1,000 points to a random person in an active challenge. This is available to both reward challenges AND bragging rights challenges. So if you are international and can't compete for prizes, just BE IN A CHALLENGE and you get a shot at 1,000 points every single day in Feb. That is a total of 29,000 points! (you can win only once)

Weekly Customized Zune (80 Gig) giveaways
Each Friday in February (starting Feb 8 2008), we will give way a Zune (80 Gig) customized with the winner's gamertag. This is available to both reward challenges AND bragging rights challenges. If you are international (and the Zune is not available in your country), you will receive an equal value gift card. (you can win only once)

T-Shirt Giveaways
In Addition to our random drawings each week we will feature a gamer in a challenge to spotlight, and in turn they will win a customized 360voice.com T-shirt. Winners will be hand picked by 360voice.com admins, and qualifications will vary week to week. Good sportsmanship and friendly banter always help!

There's plenty of giveaways to be won (much more than the original Old Spice Challenge), so sign-up and see if you can not only win achievements and boost your gamerscore, but get prizes to go along with them! See previous winners here.

See more at The Old Spice Experience Challenge.

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