Sorry for my late reply on this Falooza.
You can access the Fight Bookie by either clicking on "Fight Bookie" at the top menu, or by clicking on the individual Bookie Thread on the forums. They appear in the Upcoming Fights forum.
Each member starts with $500 in Fight Betting Cash. This is just for fun, of course, but can definitely be used for bragging rights. I may... may... even add a feature in the future where you can trade in your fight cash for actual stuff (MMAForums t-shirt, pride/UFC dvd's, etc.)
Only administrators and moderators can create events, for obvious reasons, but everyone can bet on the fights. Enjoy!
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