The TV show, not the Nic Cage & John Travolta movie. For those of you who don't, it's a competition reality show where artists compete each week to do the best monster makeup when given a theme or premise. The end results are always really good, but recently they had an episode in which the contestants had to combine a childhood fear and a clown. While I'm not afraid of clowns, one of the artists childhood fear was a recurring nightmare he would have where he would be pulled into deep dark water by rotting, decomposing corpses. So his clown was a rotting corpse that had like, running wet makeup. But it was the most terrifying thing I've ever seen. I'll try and find a picture, but the closest thing I can compare it to is the zombie in the canister from Return of The Living Dead.

[edit]: found a pic.

I've seen a couple episodes.