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The "batman" image and icons are under IP protection... I wonder if this equation automatically falls under that umbrella. And what about the particular result of that equation , when graphically rendered. Could I sell T-shirts with that equation's rendering on them?

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Assuming copyright/trademark in place on the image, probably not (although, IANAL - so take the following with an appropriate dose of salt).

The short reason why is that bits have color ( http://ansuz.sooke.bc.ca/entry/23).

See http://en.wikipedia.org/wiki/Illegal_prime for a concrete example.

Every image can be rendered by an equation. How do you think JPEG works? Why would this be any different?

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