I've actually thought about the idea before the movie.
I've toyed with this idea before, and to be quite honest, I kind of like it. You take the entire population, and have them to anything illegal that they want free of consequence once per year. It would sure give me a good excuse to see if my '01 Malibu can actually hit over 120.
-"But it would increase crime!"
For one thing, you can't have crime if there are no laws. Secondly, even if it does, how much will it? When the Netherlands legalized Marijuana, it's use remained stable even though the threat of imprisonment is gone. Lastly, I would assert that the reason why many people don't do the violent crimes (like rape and murder, if not most non-violent crimes as well), is because they don't see it as morally just (cue religious dogma), and therefore no amount of lawlessness will make them commit those crimes, therefore crimes won't significantly increase.