Most Americans celebrate Independence Day with an outdoor barbeque or with an assortment of fireworks, however another tradition is quickly gaining popularity and it involves eating an enormous amount of hot dogs in a very short period of time.

The first Nathan’s Famous Hot Dog-Eating Contest was held 92 years ago in 1916 in Coney Island, New York. Rumor has it that four immigrants had a hot dog eating contest at the site of the first Nathan's Famous stand to settle an argument about who was the most patriotic, or perhaps just as a publicity stunt.

Irish-born Jim Mullen ate 13 hot dogs in twelve minutes and won the contest when the other three contestants could not continue. The twelve minute time limit still applies today, however the amount of hot dogs eaten has greatly increased and the current world record of 66 hot dogs was set last year by America’s Joey Chestnut who finally defeated Japan’s legendary Takeru Kobayashi.

Kobayashi had dominated this event with six-straight titles, however it appears he has finally met his match with Chestnut.

Below is a look at the top five contenders and current odds for this year’s 2008 Nathan's Famous Fourth of July International Hot Dog contest.

Joey Chestnut

Odds to win: 5/7

Joey Chestnut is a 24-year old, 230-pounder from San Jose, California who finally won the Nathan’s title last year, 66-63, after losing 54-52 in 2006. He is now the world record holder in numerous events including hot dogs (66 dogs/buns / 12 minutes), buffalo chicken wings (7.5 pounds / 12 minutes), tempura deep fried asparagus spears (8.8 lbs / 10 minutes), krystal hamburgers (103 burgers / 8 minutes), and jalapeno poppers (118 / 10 minutes).

Takeru Kobayashi

Odds to win: 1/1

Takeru Kobayashi had won this event for six years in a row until 2007 when he broke his own personal record and ate 63 hot dogs/buns, but still lost to Joey Chestnut.

The 29-year old, 160-pounder from Nagano, Japan has gained 30 pounds the past three years and holds world records in Cow Brains (57 brains / 17.7 lbs / 15 minutes), Johnsonville Brats (58 / 10 minutes), and Rice Balls (20 lbs / 30 minutes).

Patrick Bertoletti

Odds to win: 20/1

Patrick Bertoletti is a 22-year old, 190-pounder from Chicago, Illinois who might become the next competitive eating superstar. He is specializes in sweets, but still ate 49 hot dogs/buns last year and currently possesses an impressive resume that includes pizza (22 slices / 10 minutes), blueberry pie (9 pies / 8 minutes), chocolate (2 lbs / 7 minutes), corned beef and cabbage (10.6 lbs / 10 minutes), doughnuts (47 / 5 minutes), grits (21 lbs / 10 minutes), and ice cream (1.8 gallons / 8 minutes).

Sonya Thomas

Odds to win: 30/1

Sonya Thomas is the premier female competitive eater in the world and currently holds the female record of 39 hot dogs which notched her a fourth-place finish in last year’s Nathan’s contest. She has steadily improved from 25 to 39 hot dogs/buns in the past five years.

The 40-year old Thomas weighs only 105 pounds and resides in Alexandria, Virginia. She has held 23 world records during her career which have includes Chicken Nuggets (80 / 5 minutes), Eggs (65 hard boiled / 6 min. 40 sec), Lobster (44 Maine lobsters, 11.3 lbs meat / 12 minutes), Meatballs (10 lbs. 3 oz / 12 minutes), and Oysters (46 dozen (552 oysters) / 10 minutes).

Tim Janus “Eater X”

Odds to win: 50/1

Tim Janus is another long shot that is gaining popularity within the world of competitive eating. He was the 2004 rookie of the year and the 30-year old, 165-pounder is a day trader that resides in New York city.

Janus is known for his flamboyant style and painted face, plus he currently holds the world record for tamales (71 in 12 minutes), ramen noodles (10.5 lbs / 8 minutes), and tiramisu (4 lbs / 6 minutes).