Open your terminal and type: telnet towel.blinkenlights.nl

Try pasting telnet://towel.blinkenlights.nl into the location field of your browser.

Just for a little backstory to the guys who created this.. they've also made:

A bender beer brewing kit

http://www.asciimation.co.nz/bender/

and the "jet powered beer cooler"

http://asciimation.co.nz/beer/

This must require an unbelievable amount of patience.

Kind of makes me want to play a MUD

Nice.