Basically, the contest involves the tying of a competitor's trousers at the ankles and the subsequent insertion into those trousers of a couple of peculiarly vicious fur-coated, footlong carnivores called ferrets. The brave contestant's belt is then pulled tight, and he proceeds to stand there in front of the judges as long as he can, while animals with claws like hypodermic needles and teeth like number 16 carpet tacks try their damnedest to get out.
This article goes into some decent, humorous detail about the world record holder for ferret legging. Yes, they bite. Yes, they're tenacious.
I think it's safe to say this is not going to be on my bucket list.