MySpace, which is far more dominant in the United States than in other countries, is launching a pretty cool U.K. contest for a collaboratively made film, bankrolling it with £1 million ($1.97 million) in collaboration with Film4 and Vertigo Films.

This is much more extensive than contests we’ve seen stateside; over here it’s considered somewhat radical to ask fans to remix a movie trailer or make our own Superbowl ad.

The MyMovie MashUp contest is to result in a theatrical film, and will mostly benefit a single winner who is chosen as the film’s director. Other MySpace members will participate by choosing the winner, trying out for acting roles, commenting on script drafts, suggesting lines, and choosing the film’s title.

Prospective directors will apply by submitting a short film to a jury that includes actors Sienna Miller and Ashley Walters; directors Anthony Minghella, Nick Love and Kevin Macdonald; and producers Stephen Woolley and Andrew Macdonald, who will whittle the list to three before the public votes.

The winning director will chose from scripts already in development at Vertigo Films or Film4, or develop a new project, according to Variety.

The contest is limited to U.K. residents over the age of 18, and the deadline is April 27. The resulting movie is intended to be released in 2008 in theaters, on MySpace, and on Film4’s video-on-demand service.