Output Event, Player executes death animation and all is the same as when you really die, sound and all, but when player "disappears" he/she can roam around freely "dead", no name above there head and no player.
ALSO!
Same thing accept instead, have a white and half clear version of your player apper where your avatar was just before the body "disappears" and you walk around as a ghost maybe even fly, like have there be no legs FEET (oh thank god i caught that), this could be another output, or maybe even an option for a minigame. Just brainstorming here, I'd like to see MARBLE MAN's reply to this. Sounds like it's up his ally am i right?