Coldsprints are head-to-head indoor roller races... built, developed and run by a couple Mpls cyclists. It consists of two fork mounted rollers, hooked up to a custom computer program that simulates a track race. It's a really cool concept, and makes for great entertainment.
And yes, the buckets are for puke. Fortunately they never got used... but then again, I left fairly early.
Based on the size of the crowd, I think it was a successful fundraiser. At the very least, it was a great party!