Yes, it plays back on the command line, rendering the video into ASCII in real time. Here's Ellen Feiss in all her glory. (The audio works just fine.)
It was written for OS X, but if you're feeling particularly adventurous, it might be possible to port it to CygWin or Linux (somehow invoking the Crossover plugin.)
Blah, last night I pulled a Mark Roth. I had my S100, compact binoculars, iPod, and two radios (FRS for the trainers, Icom W-2A tuned for campus security) all hanging on my belt for football. The press box staff expected me to blow something up. Instead, I ran the scoreboard message display during a game for the first time in years--several parents noticed this. And to top it off, we upset Fallbrook 10-3 in a steady rain.