Thanks Rege. I think my computer has about 10% of the RAM required to play MTV's web videos, lol. There is a great scene from a 1993 sketch comedy show called "The State" where a guy introduces a mud wrestler to his parents. My screen capture software was able to grab some frames here and there; starts around 13:30
After washing off, they all go out and watch an O'Neill play and write insightful commentary on it for friends who couldn't attend. Very muddy, indeed.
I think it's reddish clay, and they're just mixing it to a good consistency. Look at how evenly it smears over their bodies, compared to the Gilley's pudding wrestling, where it coats them in sticky gobs.
Some good pics here of what I think is the same Mud Queens event.