Interesting concept indeed. I like how there's no ads in line with the content (they are mis-alligned and stacked at the very bottom in IE6).
The tag line "a blackout is..." is a bit blatant, given that any visitor navigating to iBlackedOut.com is clearly familiar with the concept.
It took a bit to register that your comments were in italics under the news quotes. I'd highly recommend placing the news text in a smaller-width box with single spacing and off-color background, thus bringing your writing more attention. And while you're at it, my vote goes for making those tags smaller.
I hate seeing ads there, I usually close the page if I do because I feel its a garbage site. Like the logo and the favicon, look great and entertaining.
Also, I agree that taking out the obvious description of a blackout is a good idea. I think comical text would be better placed right here.
I really like this concept. It could be as popular as FML.com if executed correctly. However...
The page comes up with a syntax error on line 60. The content of the page does not appear until below all of the right side advertisements, leaving a ton of blank space from the top till the ads end. Take a look at this site on IE 7 PLEASE.