Can I sponsor Little Contests Here?

Hi friends, 

I am quite an obssesed web developer, programmer and needless to say quite impressed with many of the bloggers here.  There were few difference of opinion at first, but that is alright till No love lost! 

Now I want to encourage young bloggers here. I want to sponsor domain registration 1 every month. want to organize little threads like "share this" to get your own hosting space! 

My Question,

1) Is it allowed here? 

2) Will Such a contest be a stupid Idea?

the contest will be something like: I will create a contest thread seeking certain kind of informative short response. bloggers will write in the response only.

At the end of the month, when the contest is closed I will search that query in google with site as indiblogger, whichever answer is popped up first takes away his domain of preference.

What say?