Kayfabe wise, this is no argument: Extreme Horsemen would have won this without a shadow of a doubt. They're just too smart. They would have utilized Spike, and pick up the win over him. CM Punk would put up a good fight, but let's face it... first of all, he's a protege of Steve Corino, so Corino knows everything about the dude, but also there's CW Anderson, who Punk had trouble with in the past, when Anderson was out of shape I might add.
So, yeah... kayfabe wise, no chance in hell CM Punk and Spike Dudley would ever win this.
Non-kayfabe, the vote still has to go to the Extreme Horsemen. They were a great, creative tag team/faction. Fun to watch, and Corino as the leader and CDub as the Enforcer was just the perfect combination. Spike and Punk are awesome as well, but together? Eh, I just don't see it.
Vote Extreme Horsemen.