Stephen Colbert is once again testing the lengths of how far a comedian can go by officially investigating a run for President -- or at least a run for President during the South Carolina primary.

After Public Policy Polling revealed that the "Colbert Report" host was ahead of GOP candidate Jon Huntsman in South Carolina, Colbert pondered on Wednesday if he should consider a run for President. After explaining that he would have to go home and "talk it over with his money," Colbert teased a big announcement on Thursday night's episode.

And indeed, there was.

But first things first. Colbert runs his own Super PAC, and that's a big conflict of interest for Presidential candidates. Enter Colbert's personal lawyer Trevor Potter to explain the awfully convenient ways around that problem. All the potential candidate needs is for someone to take over the fundraising organization for him. And who better than Jon Stewart?

So, after gleefully handing the reins of his Super PAC over to "The Daily Show" host, Colbert was finally free to make his announcement:

"I am proud to announce that I am forming an exploratory committee to lay the groundwork for my possible candidacy for the President of the United States of South Carolina!" Colbert said.

We're not quite sure how binding a win for "President of the United States of South Carolina" will be for the whole country, but either way it'll be entertaining to watch -- and who can possibly wait for the ads Jon Stewart will create for the Colbert Super PAC?

Frankly, for everyone who has lamented the lack of humor in the campaign since the exodus of Herman Cain and Michele Bachmann, this election just got interesting.

Watch the announcement in both parts above and below: