This is the best way I can see to do ECW One Night Stand III:
Bobby Lashley vs. Carlito (ECW Heavyweight Title)
Story: Vince McMahon walks around backstage asking various WWE stars like Randy Orton and Edge if they'd like a shot at the ECW heavyweight title. They all turn him down, saying that being the champion of ECW is like being king of the trash heap. This naturally gets McMahon in a testy mood when Carlito stops him in the hallway. Carlito says he's heard about McMahon looking for someone to wrestle Bobby Lashley and take the ECW title from him. Carlito says that while he doesn't like Vince, he does believe that he can beat Bobby Lashley and would love the opportunity. McMahon says he doesn't much like Carlito either, but that since he seems to be the only one with any balls around, he can have the match against Lashley.
Shelton Benjamin vs. Rob Van Dam
Story: Benjamin hears about ECW One Night Stand coming back and finds it to be a perfect chance to get himself over. He goes to Mr. McMahon and asks if he can be on the card. McMahon at first seems wary about the idea, but when Shelton Benjamin runs down Rob Van Dam as being a pothead who doesn't deserve his place in the business, McMahon suddenly warms to the idea and books him against Van Dam.
Tommy Dreamer vs. Marcus Cor Von
Story: The New Breed vs. The ECW Originals heats up even more, as Dreamer dares any of the New Breed to face him at One Night Stand. Unintimidated, Cor Von immediately accepts the challenge and relishes in the thought of ending Dreamers career.
Chris Benoit vs. CM Punk (U.S. Title)
Story: CM Punk meets up with Benoit backstage at WrestleMania and says how much he respects Benoit, and how he's wanted to wrestle against him his entire career. Benoit respects that, but isn't sure what Punk's point is. Punk says that, regardless of what happens at Mania, he wants to face Benoit at ECW One Night Stand. Benoit quickly accepts the offer and the match is on.
Cade and Murdoch vs. Kendrick and London (World Tag Team Titles)
Story: Seeing Londricks unbeaten streak as champions, Cade and Murdoch feel that there simply isn't any team good enough on Smackdown to beat them. Naturally, Cade and Murdoch feel they're the ones to dethrone them, and the match is scheduled for One Night Stand, a "neutral" playing field.
Jamie Noble vs. Little Guido vs. Gregory Helms vs. Tajiri
Story: Nothing much to this, just one of those matches tacked on to make the overall Pay-Per-View better.
William Regal and Fit Finlay vs. Matt Striker and Elijah Burke
Story: Mr. McMahon visits Smackdown and naturally Regal/Finlay are there to brown nose him. All is going well, when suddenly Hornswoggle decides to pull a gag by putting a whip cream pie on McMahon's seat just as he prepares to sit down. Regal and Finlay begin to chuckle uncontrollably, leading to Vince sending them to ECW One Night Stand as a punishment.
Balls Mahoney vs. Stevie Richards vs. Kevin Thorn vs. Mike Knox vs. Sabu vs. Sandman vs. Gene Snitsky vs. Sylvan Grenier vs. Shannon Moore vs. Chris Masters (Battle Royal)
Story: The winner will receive an ECW World Title shot at the next ECW television taping. Masters is there because he happened to look at McMahon the wrong way and this was his punishment.