One of the teams involved in the 2011 edition of the race blogged their experience at ReturnOfTheYak.com, and is now in the process of making a documentary of their travels. You'll find a trailer for the video below, which makes the Mongol Rally look like it is an amazing road trip adventure with a healthy dose of partying mixed in.
Warning: depending on where you are when you watch this, you may want to turn down the volume. The soundtrack could be a bit NSFW.