You heard it well. Colbert is launching tomorrow at 1.36am EDT (3.36pm today AEST) onboard the space shuttle Discovery, headed to the International Space Station. The mission objective, according to him: "Help slim down all those chubby astronauts".
In his own words:
Now, this is Steven Colbert saying: I'm go to launch me!
"Me" meaning the "Colbert"—or C.O.L.B.E.R.T.—the Combined Operational Load Bearing External Resistance Treadmill. That's the new name for this piece of hardware, known during its development as T2, the second version of the ISS treadmill
The smartypanties at NASA had to come with the acronym as a thank you—and consolation prize—for Stephen Colbert, who gave a major popularity boost to the International Space Station after participating in a contest to name the next ISS module. He actually won the contest, but NASA decided not to use it thinking it was inappropriate. At the end, NASA selected Tranquility in honour of the Apollo 11's landing site. [NASA]