I always go for the horse that no-one knows much about, and so someone wins a shit load of money at outside odds of 65 to 1 or something crazy. 

Also, most cup winners are usually male horses so a female horse would be a good winner for a change. 

The melbourne cup is probably the only horse race of the year that isnt rigged cause millions of people are watching like Mike said. 

I reckon put a horse on Gay Waterhouses back, and make her run a few miles with some happy horse flogging her 3 hundred times with a whip. I hope in her next life she comes back as a horse that is made to jump metal poles and all that hoo haa for the richy's. Karma is a great thing. Poor friggin horse.

( I am off to save some whales now )