I'm participating in something called 'Prison Break' where you will be driven/droven (never actually had to say that before I don't think) about in a car and dropped off anywhere in the mainland of the island. You then have to raise money for charity on the way back to town (probably dressed up as a complete tit). I'm expecting a 15/20 mile walk back. It's not a race though. =P
Call me asshole, but I would never do something like that. Sounds retarded. I'd much rather just give money to the charity like that than beg on the streets for somebody else. Not to mention the home-walking part.
Anyway, I don't normally do much in the way of Red Nose Day. Might try to plan something next year (sixth form always seem to in my school, may as well keep with tradition).