Since 1978, The Woolly Worm Festival has been taking place at The Banner Elk Elementary School in Banner Elk, NC.  This festival has become famous for tourists and locals alike.  It is always the 3rd weekend in October.  The festival is based on the very entertaining woolly worm races, where the winner of perhaps 100 heats predicts the upcoming winter weather by "reading" the order of black and brown stripes found on the body of the winning worm.  See the web site here.