I'll give you 60 seconds...

Epic Game's engine, Unreal Engine which you may have seen on gaming platforms in games such as: Unreal tournament, Deus Ex, Tom Clancy's Rainbow Six: Vegas, Gears of War, Bioshock, Batman: Arkham Asylum, Section 8, Mass Effect and so on, and where the engine has also been used by developers such as: Atari, Activision, Capcom, THQ, Ubisoft, and much, much more, have thrown you a bone with enough meat on it to feed your passion for Machinima, game development, or hobby interest to keep you as happy a pig in poo for the next 2 or 3 years...

I'll let Epic's promo break the news:

Epic Games, Inc. announces the launch of the Unreal Development Kit (UDK), a free edition of Unreal Engine 3 that provides community access to the award-winning toolset like never before. This software release is available to anyone interested in using 3D game engine technology, including game developers, students, hobbyists, researchers, creators of 3D visualizations and simulations, and digital filmmakers. Anyone can start working with the industry-leading Unreal Engine 3 toolset by downloading UDK at www.udk.com, where detailed product features, technical documentation, commercial licensing terms, support resources and more are also available.

An unprecedented milestone in game development, the release of UDK awards free access to the same world-class tools and technology used by many of the worlds best video game developers and publishers. Unreal Engine 3 is a constantly evolving game engine, and UDK contains all the most recently added features and technological enhancements, including many that have yet to be seen in an Unreal Engine game. Furthermore, Epic Games will release ongoing, upgraded builds of UDK for free.

There is no charge for noncommercial or educational use of UDK. Over 100 academic campuses currently use Unreal Technology as part of teaching game development-related courses, and colleges with plans to incorporate UDK into their curricula include the University of Pennsylvania, North Carolina State University, The Art Institute system of schools, Drexel University, Westwood College, DeVry University and Atlantic College, with many others to be announced.

The UDK can be downloaded from UDK.com. The download is just over 500megs. I'm downloading tonight.