Valve has today announced the second annual Saxxy Awards, and this year contestants will be using the newly released Source Filmmaker to create their films.

Entrants will compete for top honors in five categories, including Best Comedy and Best Drama. Every winner will take home a Saxxy, and the overall winner will also win a trip to Valve and have a chance to see their work aired on GTTV's VGA Preshow this December.

"I am absolutely inspired and stunned by the early work I've seen from fans experimenting with SFM," said Geoff Keighley, executive in charge of publisher relations for Spike TV. "All of us at Spike are excited to work with Valve to give someone in the community the chance to world premiere their original SFM short on TV in over 99 million homes."

For those looking to enter into the competition, head on over to the official website for a list of categories and rules. If you haven't yet seen the potential of the Source Filmmaker, check out the recent Counter-Strike: Global Offensive trailer or Meet the Pyro trailer for a glimpse at the potential.