We tried doing this once at a cube meeting. We scrambled 1 cube and put it on a glass so every face was visible. All cubers stood around the cube+glass and had to reproduce the scrambled cube. Most got it in about 3 minutes and I think 1 minute is perfectly possible with very little practice (25 attempts)
I don't know any online competition that has this, but there was some talk of Kai organizing a "fun events" competition on this forum.