Yeah - 1 minute and four tracks or less.
About the four tracks: Does a guitar part, recorded simultaneously on two tracks (say pickups and piezo's) and panned to left and right in the mix count as one or two tracks for the purpose of the competition?
Or, for that matter, many different guitar parts on many tracks, all mixed down to left, right or stereo - is it the instrument or the actual tracks used during recording that counts?
Lets say someone recorded a drum part (two tracks), bass (one track), keyboard (one track) and guitar (four tracks, two each for rythm and lead), does that count as four tracks or eight tracks?