I'm a children's librarian in Queens, NY and have done this for the past 5 years.
#1. Sat in a tub of Jello.
#2. Kissed a bunny in my pajamas (I had on the pajamas, not the bunny). Read him a good night story.
#3. Got sprayed with Silly String.
#4. Dressed like a chicken and did the Chicken Dance.
#5. Got slimed.

Year #4 the Chicken Dance is on Youtube. Search for "Whitestone LIbrary.

We're still thinking of what to do this year. I need ideas too.

Email me for any info. I'd love to share.

Susan
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Our school has a reading summer program where the kids keep track of the books they read over the summer. The kids who have read at least 3 books by the beginning of the school year get to spray the principal with super soakers. The principal is a good sport and the kids love it.

Our principal agreed to work on the roof for the day. LOL - check it out:
www.sgvtribune.com/ci_14819684

Duck Tape the principle to the wall.
Have each kid put a piece on him and let him hang there

That would be funny to see....goopy feet dunked in spaghetti, oil paint or dog food. That would be a fun principal challenge

LOL...Tracy's suggestions sounds fun and crazy...Would love to see my daughter's principal have to put her feet in wet dog food and read a book!!