I was originally thinking of a PvP realm where anyone could attack anyone but as the idea goes on I'm thinking that could cause several issues such as:
All the players with high PvP points not going into the realm.
Massive Lag
Having to sort through more then 8 players in one spot, etc.
So my suggestion is maybe a mix of some great idea's on the forums, this is how it would work:
This can be only at a certain time, eg, every Saturday, or every weekend or for a few hours on any night. And this would be indicated by a time in the stats box:
E.g

So anyway first off there is no realms, it just works the way it works at the moment. With one exception though, during this time another option box comes up on the attack player page. For example:

Then the player types in the name of the player they wish to attack, they select the amount of stamina (which will affect the amount of PvP taken) and then click attack.
The PvP attack is differnt from the normal attack in these ways:
The level limit for attacks are removed, anyone can attack anyone. E.g a level 10 can attack a level 400 if they wanted to. And a level 500 can attack a level 10 if they wanted.
There is no exp loss, gold loss or durability damage (?) from this attack.
PvP is taken depending on the amount of stamina used, for example a 100 stam attack will take 10x the amount of PvP that a 10 stam will.
You cannot bounty another player for a PvP attack.
The time between attacks is reduced to 30 minutes (or 10, or 5 or it could stay the same).
[Optional] To make more players interested in this idea and make PvP points much more useful, at the end of the PvP event prizes could be given out to the players with the highest PvP rating in their level range. E.g 0-50, 50-100, 100-150, etc.
Or it could just be introduced without Prizes, just the thrill of the fight and having fun with PvP without all the drama of Exp loss, gold loss etc. I'll be happy either way

Anyway, thats just my suggestion...