Are there any tools to compress images into "tweetable" (≤140 characters) text?

A couple months ago I came across this contest over at Stack Overflow. The concept of encoding an image into 140 characters seems really interesting to me. The entries for this contest were pretty good, although direct links to the source code are not very useful for me (or anyone who would like to decode the images from my tweets).

If someone has created an application that can compress images into tweets, and which is designed for somewhat widespread use by a typical Twitter user, then I think it would be a pretty fun novelty item to try out. My Google voyages have proven fruitless. Does such software exist?