We could always have a constant message going on saying that this is only for a limited time. So, new players would know that it always isn't like this.
As fun as the idea may seem, it won't be so fun once you are repeatedly killed, all your items are lost, or you come online to find all your stuff missing. With that being said, denied.
Feel free to get more creative than this instead of just basing it off the purge to something more plausible and maybe it'll happen.