Didn't click it (besides, I'm running Dillo right now), but if it's what I think it is, it's similar to Nero-Online's Last Measure. I dissected the source code for it (I used a NON-graphical browser to download it - the one I picked supported JavaScript, but it's quite tame about that).
What I found is that it's using the following:
Mousing over any of the images causes another one to pop up - defeats your popup blocker (unless it's set to block ALL popups), because it's an event that "you" caused, so Opera lets it through.
The windows have code to move around. This also helps the onMouseOvers do their job.
Control and Alt both fire up more windows (blocking Ctrl-F4 on MDI browsers like Opera or Moz, and Alt-F4 on all browsers).
On Internet Explorer (and maybe Moz), the titlebars are removed, so no clicking X.
On Internet Explorer, another page comes up that also moves around. It holds a (relatively) harmless Flash animation that displays the text "you are an idiot", and has smilies at the bottom. It flashes the whole time, and says in an annoying tone "YOU ARE AN IDIOT, HA HA HA HA HA HA HA!" repeatedly.
Disabling JavaScript will stop this one in it's tracks. So will blocking ALL popups.
UserAgent: Dillo/0.8.0
Don't be surprised by my UA flipping from Opera 7.5x Linux or Win, Netscape Communicator 4.8 Linux, Dillo 0.8.0, Mosaic 2.7b5 Linux, or Firefox 0.9 Win.