The Race That Stops The Nation.

The Melbourne cup is a horse race which is run at Flemington in Victoria on the first Tuesday of November each year. It is ran over a distance of 3,200 metres and attracts horses from all over the world. It is Australia's richest race with prize monies of over $1 million going to the winning horse each year.
The Melbourne Cup Tradition
The Melbourne Cup's tradition started way back in 1861 and it has seen many outstanding horses finish in grand style.
Confusion Reigns
In 1866 two horses named Falcon raced in the Melbourne Cup and in 1867 two horses named Tim Whiffler raced. To save confusion then, one was called "Sydney Tim Whiffler" and the other "Melbourne Tim Whiffler". Sydney Tim Whiffler came first and the other came fifth.
And Some Paid Big Dividends.

Three horses have won at 100/1 odds: the Pearl 1871; Wotan 1936; and Old Rowley in 1940.
Four horses have won the race twice: Archer 1861 & 1862; Peter Pan 1932 & 1934; Rain Lover in 1968 & 1969; and Think Big 1974/75.
Prolific Jockeys
Bobby Lewis rode four Melbourne Cup winners. Derby Munro, W.H. McLaughlin and Jack Purtell each rode three horses to victory.
Phar Lap Wins The Popularity Prize

By far, the most popular horse to win the Melbourne Cup was Phar Lap, a chestnut gelding by Night Raid from Entreaty. He was foaled at Timaru, NZ in 1926 and won the Melbourne Cup in 1930. He was taken to the US where he won the Agua Caliente Handicap in Mexico ridden by Australian Jockey Billy Elliot.
Phar Lap died of colic on the 5th of April 1932 whilst still in the USA. His hide was worked on by taxidermists and he now stands in Melbourne's new museum. His huge heart was put on display at the Institute of Anatomy in Canberra, while his skeleton was put on show at the Dominion Museum in Wellington NZ.
Reader's Update - Dominion Museum ceased to exist around 1997 and was replaced by Te Papa Tongarewa, the Museum of New Zealand. This is where Phar Lap's bones stand today - Thanks to Peter Adamson, Wellington, NZ..