Straight Python port of the Ruby version at https://github.com/busyloop/lolcat/ using not even half the code and no external dependancies.
It's a tool like cat, with added lulz.
To install the stable version:
$ pip install lolcat
To install the development version:
$ pip install git+https://github.com/tehmaze/lolcat.git
Check out the ASCII cast at http://ascii.io/a/1563