I mentioned this possibility when I blogged about the Hunting for Bambi phenomenon earlier, now snopes.com has reported the story was a hoax.
You can read the whole entry here. They assert the whole thing was a set-up in order for this company to sell its videos of alleged "hunts."
KLAS, who broke the, uh, story, maintains the hunts are real. They went back to interview Michael Burdick, the alleged mastermind of the operation, and he denied staging anything. He did, however, say that the women hunted will now wear protective eyewear.
Personally, I think it would be a lot more entertaining to have naked women chasing me with paintball guns. I don't know if I'd pay $10,000, but it would be a nice tribute to the Arthur Jarrett scene from "Monty Python and the Meaning of Life."