A fellow by the name of Warren Harding has designed a program that reads in a YouTube video and plays it using ASCII text!
This is a really long video and the first few minutes is just him trying to find a video on YouTube using Lynx and then sifting through the source code to download the video as a FLV file. He then runs the downloaded file through the command line version of MPlayer. The ASCII text video playback occurs at the 1:30 left maker.
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Pretty freakin’ sweet if you as me.