Your blogger first encountered the story in a post at Dumbasses Trump All, among the higher-profile poker blogs, and further investigation turns up links at Wikipedia and a pro-wrestling site, though no official releases from Hellmuth or the other supposed Season 7 "Surreal" participants has yet appeared. Those also rumored to have signed on include Playboy playmate Tina Jordan (March, 2002, for you guys who were wondering), rock musician Peter Steele (of goth band Type O Negative) and venerable pro wrestler "Macho Man" Randy Savage.
Seriously, if it isn't true, it oughta be. Hellmuth's ability to out-strange his poker-playing brethren in the publicity department goes without question, though many people continue to wonder how far afield he can before his poker greatness dissapates, a topic Daniel Negreanu brought up in a lengthy Card Player interview only a few months ago. He's not there yet, but Hellmuth certainly is headed down the Anna Kournikova path --- she went from a serious, up-and-coming tennis pro to a publicity-trashed brand name who's still never actually won a tennis title. Two obvious differences: Hellmuth has won a few tourneys, and he doesn't look anything like Kournikova; as I've mentioned elsewhere, he's nudging ever closer to Roy Orbison.
But let's hope for the wonder of wonders, in that these "Surreal Life" rumors are true. If it does come to pass, then Phil, I recommend that you teach Macho Man all the finer points of poker, then tell him repeatedly that he's the biggest donkey you've ever seen. Over and over. Seriously, you can tilt him if you really work at it. If the donkey thing doesn't work by itself, then I'd try confusing him with Hulk Hogan and telling him that he screwed himself out of $300 million when he let the chance to be the spokesman for the "Mean Lean Grilling Machine" slide to George Foreman. Don't let him tell you it was Hogan, not him --- remember, you're just trying to keep him off balance.
You can dodge bullets, baby. We believe.