The idea is that a lot of people have "write a novel" on their bucket list, but never actually do it. What NaNo does it give you that extra push to actually do it! The goal is to write a 50,000 word novel in 30 days. There isn't really a prize, since there are thousands of winners every year, but you get this amazing feeling of accomplishment, and that is the point of NaNo.
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Normally, the rules (guidelines) for NaNo are to write fiction, and something completely new, that you haven't written or started writing yet (outlines and prep is allowed). The thing is, I'm already in the middle of a project and I don't wanna to discard it, so I will be using NaNo as a booster for this story.
Tonight, I will try to pull an all-nighter (I'll start writing at midnight) and pound out a couple thousand words to get a head start (I need to write 833 words a day to reach my goal in 30 days). You'll get a full report of my crazy night tomorrow!
(Don't worry! I'll still blog every day! I'm sure my posts will be much shorter and maybe a little crazy sometimes, but I'll be here!)
PS: Did you know Water for Elephants was written for NaNoWriMo? :)