Someone (not me) should develop a little application for Mac OS X that sees what song you’re playing in iTunes, grabs the lyrics of the song from an online database (this type of database is already online), and then (intelligently? somehow?) grabs a piece of those lyrics and sets your iChat status to that lyric snippet.
It would be so much more interesting than just showing the currently-playing song, which iTunes already does.
My only request is that the lyric snippet that it grabs not be too long. It would have to look for a shorter snippet, and assume that linebreaks and paragraphs gave significant hints to the phrasing of the song.