Altered Reality III was the biggest e-wrestling pay-per-view of 2006 for Lords of Pain Wrestling (then known as the Psychotic Wrestling Alliance). The annual event took place at the Superdome in New Orleans, Louisiana on November 1, 2006. The pay-per-view showcased the federation's two brands, Schizophrenia and Pyromania, battling against each other in a series of matches to determine who was the superior brand. The main event was headlined by each brand's World champion fighting the other for the Martinez Cup, the highest accomplishment to achieve in the promotion.