You can start at noon EST, I won't look at any mails until that time.

It's completely non-live. It's an auction.

At noon, (so I guess you really can't mail me before), I will post a list of 10 items. Some may be good, some may be pointless, some may remain hidden.

I guess you could call it more of a sale, than an auction. Because multiple people can buy the item, but there's no way you can get every item. Immunity will be all of your money ($500) but other items will be higher as well.

This means that 7 people can win immunity. If all 8 ask for it, the last person to mail me doesn't get it but still wastes all their money.

So basically how it works:
I put up the items and their prices.
You mail me what you want to buy.
I post here publically who bought what. Even if it is covered, I'll just say you bought a covered item, I won't reveal what it is.
Multiple people can buy the same thing.