The magician "The Amazing Randi" was on Larry King the other night, debunking another psychic. His foundation offers a prize of a million dollars to anybody who can prove that they can perform a paranormal feat. Here's his website:

Million Dollar Challenge
The Foundation is committed to providing reliable information about paranormal claims. It both supports and conducts original research into such claims.
At JREF, we offer a one-million-dollar prize to anyone who can show, under proper observing conditions, evidence of any paranormal, supernatural, or occult power or event. The JREF does not involve itself in the testing procedure, other than helping to design the protocol and approving the conditions under which a test will take place. All tests are designed with the participation and approval of the applicant. In most cases, the applicant will be asked to perform a relatively simple preliminary test of the claim, which if successful, will be followed by the formal test. Preliminary tests are usually conducted by associates of the JREF at the site where the applicant lives. Upon success in the preliminary testing process, the "applicant" becomes a "claimant."

To date, no one has ever passed the preliminary tests