It ended up being so much fun and I wish I could have stayed for the whole thing.
First, I would like to say that the venue was awesome, and the Austin chapter of AIGA is really bad ass at putting these events together. It was an old warehouse-looking building and inside they had 2 kegs and some snacks in the middle of a really cool little art exhibit. The art had nothing to do with the event but they did have a little stand set up advertising the event with goods to buy. (Please ignore the horrible quality of my pictures).
Once the show actually started we went into the other side of the exhibit and the warehouse was set up like a boxing match. They had a boxing ring and folding chairs. Here are some more awful pictures of what went down. The last picture was the end of the first round. (I voted on the cowboy A).
(and here are some much better photos I stole from their Facebook page):