Shivas-
One of the greatest bets I ever saw occured a few years back when a group of four Heineken drinkers made a wager after their regular round that involved playing the entire course with just one club and two balls. Lose both balls and its over, otherwise best score wins.
The club selections and scores were:
Player A: 7 Iron 85
Player B: 7 Iron DQ lost balls (one OB, the other lost in mid fairway)
Player C: 3 Iron 86
Player D(yours truly: 5 iron 80 (with an incredible fried egg bunker shot on the seventeenth to three feet!)
I'll give you the full story in June if you like!