I have no idea how this works, but I do know that it's one of the strangest, coolest things I've seen in a while. Search for any Vimeo video on ASCIImeo, and it'll play back to you as text.
Not sure that this fills a specific need of any kind - although avant-garde film students and alternate dimension enthusiasts, feel free to correct me - and I recommend switching to black and white ("simple ASCII") to cut down on the headaches. Otherwise, though, this is the exact kind of wonderful oddball thing that makes/wastes my day perfectly. [ASCIImeo via The Daily What]