Apple has revealed plans for its first annual film festival. Called Insomnia, the Apple event takes place worldwide on November 10, 2006 -- and gives film-makers just 24 hours to turn a script into a movie and upload it to the Apple site.

Subtitled 'Turn 24 hours of insanity into 15 minutes of fame,' Insomnia is challenging film-makers to write, cast, shoot and edit a short film in just one day.

"On Friday, November 10 at 5 pm Eastern, we will post a list of three elements that you will need to incorporate into your story. From that time, you will have 24 hours to finish and submit your completed short film," says Apple.

After the entries are posted to Apple's Web gallery, the computer maker will make them available for the public to view and rate. The top 25 highest rated films through December 3 will then be judged by a panel of experts, says Apple. Judges include award-winning actor, director, and author Matthew Modine is a veteran of over 40 films including Jonathan Demme's Married to the Mob, Robert Altman's Short Cuts, Stanley Kubrick's Full Metal Jacket, and Oliver Stone's Any Given Sunday.

Apple says it will designate winners in two categories: the audience choice and the judges’ choice. Winning team members will each receive a copy of Final Cut Studio, a copy of Shake, and an 80GB video iPod for their portable portfolio.