Try your best to come to the project without a preconceived story idea.  It's much better to create a story out of the project rules and requirements then it is to make those requirements fit into a existing story.  Besides that's suppose to be the point of this project anyway! :)

Leave plenty of time to not only edit your film, but to render it out.  Oh how the little computer gremlins always crash your computer when you need it the most.

Manage your time and energy well.  It's a hard fought two days.  Don't burn yourself out the first night if you don't have to.

Follow the rules and fulfill the requirements!  You laugh, but every year teams run off making their films completly ignoring the fine details of the requirements and end up getting burned in the end.

Remember you aren't being judged on quality.  But if you are going to focus on something, make it your audio.