Last year's contest was run by one user who took it upon himself. If you want to make a contest, go ahead. However, it might be a little late for a Valentines contest now, and you should probably discuss it first with the rest of us.
Also, there was no prize last year as I recall. If you've got something you want to post or are itching to write something, then do it! Stop waiting for a contest to be made.
As Mibu said,
the lounge in the chat topics sub-forum is the place you want to be asking this. I don't think there's a rule against making topics like this here, but it kinda goes against the etiquette that's been established. You will piss people off. Case and point, Mibu's post.