Burning Life has started in Second Life. What is Burning Life? Here's what the Wiki says about it:
Burning Life was first held in 2003 when the grid was still in its infancy, and this is its 6th year running. Burning Life is the Second Life version of the real life Art, Fire and Community festival known globally as Burning Man. Both Burning Man and Second Life began in San Francisco, California, USA, (on planet Earth). But they have a lot more in common than their birthplace.
And for more information on it: Burning Life Wiki
And here's the blog on it: Burning Life Blog