My son and about 10 of his friends went through this stupid stage the last two years of high school. They'd perform crazy (and sometimes very dangerous) stunts and video themselves, then put it onto a website so all their friends could see their stunts. No amount of punishment seemed to be able to stop them either. My son ended up with endless groundings, no TV or VCR, no cell phone, no car, etc., but nothing worked.
They've finally grown out of it but not without a few arrests, lots of fines and community service, broken bones and parental ulcers.
Too bad such creativity can't be used for something positive.
The irony is that now my son looks at younger kids doing this stuff and thinks they're totally stupid!! WTF