Totally! It sounds obvious but as far as clothing goes, just avoid anything with cotton and stick with stuff that won't hold water and that will dry quickly since you'll be wet and muddy for much of the course. I usually wear compression-type leggings and I have an old pair of Merrell barefoot trail runners that work great because the water drains out quickly.
There's a great sense of camaraderie on the course so feel free to cheer other people on and give them a hand or a boost! The obstacles are meant to be more fun and challenging than anything else.
I'll actually be at the December event too, volunteering on Sat and participating on Sun, so maybe see you guys there! Also, happy hiking! 