It's cool idea, but when I first read the topic title I was thinking about Trackmania's fabulous HotSeat Mode.
It's for 2-8 players on one machine. Every player starts with 5 minutes of countdowning timer. Time in running out only for player that is actually on seat. The person on seat is always the player with worst time recorded on the map. He is trying to beat other players' times to be able to stop the countdowning timer and give Meat Boy to next player with worst time. The last person who keeps his timer above zero is a winner.