Maybe Chief_Tomako would like to explain the 20 NAC's tradition? <img src="http://www.catsailor.com/forums/images/graemlins/grin.gif" alt="" />
Are you referring to something other than Dolly? That's pretty abusive, not to mention tough to top.
When Karen-Ann is around at NAs, we usually have two ribbons, one yellow (think yellow jersey), one purple. If you win one of the ribbons, you have to fly it from the top of the sail for the next day's racing.
The yellow ribbon goes to the regatta leader each day. On the first day, it is given to the reigning champion. Dolly is an extension of this concept, just a bit more off-color...
The purple ribbon goes to the person who wins the party each night. This one's a bit more subjective, but trust me, when KA is around, there is a party every night. <img src="http://www.catsailor.com/forums/images/graemlins/smile.gif" alt="" />
Mike