It means an academic decathlon: one day, 10 events, testing all the knowledge one would gain in high school.
9 seconds sound clip from the Billy Madison movie soundboard.
You can hear this line at 01:11:26 in the Blu-ray version of the movie.
Quote context
[...]
- Are you ready to hand the company over to me now?
- No!
- Then I'll see your ass in court.
- Good.
- Nice talking to ya, shitheads!
- Hey, Eric, how would you like to settle this right now? No lawyers. You and me. Mano y mano.
- What does that mean? Carl, what does that mean?
- Let's take it a little easy here, Billy, huh?
- No, I'm serious. Let's do it. Let's do it on Friday.
[...]