Stephen Colbert is trying to start a PAC. Here he is submitting some paperwork to the FEC:

Timothy B Lee feels that Colbert's parody is backfiring:

Stephen Colbert is trying (or at least pretending) to create a vehicle for his fans to pool their money so that Colbert can create ads “promoting” (mocking) conservative candidates. The ads are guaranteed to be funny, and they could also influence 2012 political races. I think that’s a brilliant idea, and I’m glad that the Supreme Court has affirmed Colbert’s (and his fans’) right to engage in this type of political speech. Colbert, in contrast, seems to be mocking his own free of speech rights. By asking us to root against Colbert-the-character’s quest for a PAC, Colbert-the-comedian seems to be implying that it’s ridiculous that the law would allow him to create such a PAC. But it isn’t ridiculous. Colbert should be free to create the PAC, people should be free to give to it, and Colbert should be free to tell people about the PAC on his show.