If you are a Stephen Colbert fan you likely know that he is attempting to start the Colbert Super PAC in an effort to showcase the inanity of the FEC's campaign finance regulations.

Or in his words so that "the Colbert Nation could have a voice, in the form of my voice, shouted through a megaphone made of cash...the American dream. And that dream is simple. That anyone, no matter who they are, if they are determined, if they are willing to work hard enough, someday they could grow up to create a legal entity which could then receive unlimited corporate funds, which could be used to influence our elections."

A couple of explanatory notes first. Colbert wants a Super PAC because last year's new (and controversial) Supreme Court 'Citizens United' rules allow corporations (in Colbert's case that would be parent company Viacom) to donated unlimited amounts of cash to Super PACs...whereas under regular PAC rules they'd be forbidden to donate (airtime is considered a donation).

But apparently Viacom is not thrilled about Colbert's plan, which is why he went to Washington on Friday to file for a media exemption -- in other words, permission from FEC to use his show to promote his PAC.

"I hate my parent company! They never let me do anything...Everyone else's parents companies let them do it. Karl Rove is a paid employee of Fox News, and he gets to talk about his Super PAC, American Crossroads, all the time."

Which brings us to the key element in this Colbert's plan. The FEC has 60 days to rule on Colbert's application. If he is denied the decision could actually have wide-ranging implications for...yes, Fox News.

Politico reports that if the FEC rules that "any airtime Colbert devotes to promoting the PAC should be treated, and disclosed, as a so-called in-kind contribution from Viacom," the decision could "restrict the freedom of a handful of high-profile Republicans who serve as paid Fox News pundits and are affiliated with PACs, including Sarah Palin, Mike Huckabee, Karl Rove and Dick Morris."

So essentially Stephen Colbert, with his fake PAC and fake persona is in the position to affect the both the biggest names in the GOP media political world and one of the most controversial Supreme Court rulings in recent years. No wonder no one wants to actually run for President.