If you do please leave something for me :)
I hope you take something away...
We can programatically add taxonomies, thats easy but adding it as a child term is the hard part
We need to fist create a validation function dedicated for the term reference filed
$form[TAG_FIELD_NAME]['#element_validate'] = 'taxonomy_field_tags_validate';
First we need to install the Events calendar feature and CCK module with all dependencies (calandar, views, ...). Once the modules are installed you are ready to go