Mudfest - Anyone done it with a Jeep?

I've attended two mudfests so far watching my cousin's truck. Absolutely amazing, but the majority of the trucks there are beaters and some go straight to the boneyard after they get pulled out of the mud by a tractor. I was thinking about building a mud rig out of a Jeep. I don't have a lot of extra cash right now - I'm curious if a solid project like this can be done for under $5000 like this post suggests - versatile Jeep off road:

http://prowheelsdirect.com/blog/building-an-off-road-beast-on-a-budget