I'll let the FAQ from horriblelogos.com speak for itself:
Is this a joke?
No, this is not a joke. If you send me $5, I will make you a crappy logo and post it on this site with the link of your choice.
Why are you doing this?
I need beer money. It’s as simple as that.
Can I suggest a design for my Horrible Logo?
No. What I come up with at the time will be your new Horrible Logo. It will be a surprise, and it will suck.
Can I buy a Horrible Logo for a friend?
Yes. You can buy one for anyone you want to.
Can I use my Horrible Logo anywhere I want to?
Yes, you are free to do whatever you want to with your new Horrible Logo.
I sent you 5 Bucks, where’s my logo?
Please allow 3-4 days for your logo to appear on the site. In most cases it will get done within a day or two, but please be patient; bad design takes time.
Will you email me when my Horrible Logo makes it’s premier on the website?
No. Please check back.
My logo doesn’t suck as bad as I though it would. Will you redo it for me?
No. What you get is the final logo. I will not redo any logos.