Apple is sponsoring its third three-minute film festival, open to all students with a camera, a dream, and the ability to keep a tight deadline: participants in the 2008 Insomnia Film Festival have 24 hours to film their magnum opus, from 9 am to 9 am, November 15th through the 16th.

How much can filmmakers pack into one Red Bull-filled day? Well, they need to include at least three (currently undisclosed) elements. The 2007 competition requirements included a park bench, a birdcage, a tuxedo, and the line, “Don’t tempt me.” Competitors wrote their dialog on the fly, made use of complex editing, and gave their films soundtracks.

Here’s how it works: you, the audience, get to vote on your favorites. The top 25 will be judged by a distinguished panel, including Barry Sonnenfeld and Masi Oka. Entrants who make the top 25 can host their own showing at an Apple Retail Store, plus their films can be downloadable through iTunes. (No word on whether or not iTunes will charge for each download.)

Apple will be giving away two grand prizes, one based on popular vote and the other based on the judges’ pick. The winners will stroll away with a MacBook Pro, Final Cut Studio 2, and other goodies.

As Apple says, “Not a bad trade for one night’s sleep.”