You should really watch the Derren Brown special, "The Gameshow", the second in "The Experiments" series of shows he did. Absolutely fantastic, really highlights a lot about people and how we interact, and essentially based on this premise. It was a fake gameshow, but the audience didn't know it was all set up - they were just told that they were allowed to vote for either good or bad things to happen to some random guy and shown the results through hidden cameras. It was exactly as disastrous as you think.