In addition, not that this has to do with fake players, but I think it would be pretty simple to remove (or at least temporarily remove) servers from the master server list via spoofed udp packets. After starting my own server, it appears that heartbeat udp packets are sent at a certain interval to the master server (cod4master.activision.com:20800)
Upon closing the server, it sends 1 udp packet to the master server. Here is the hex version of that single UDP packet: ffffffff68656172746265617420666c61746c696e650a
In plain text, it is simply ....heartbeat flatline.
So by spoofing the udp packet, you could probably remove servers from the cod4 master server list. Flooding the spoofed packets could probably keep the server off the list.
Luigi also has a tutorial on the gamespy method of heartbeat packets here:
http://aluigi.altervista.org/papers/msdisc.txt