From Starwars.com:

"A few weeks back, stalwart defender of America Stephen Colbert challenged his loyal viewers to customize video footage of him battling unseen ne'er-do-wells with a lightsaber against greenscreen. The response was a tidal wave of user-generated videos that pitted Colbert against enemies ranging from super battle droids, rancors and three-headed Democrats. Now, the challenge (which wasn't a contest) is coming to a close, and the winner (though it wasn't a contest) is about the crowned (though, by no means was this a contest).
Tune into Wednesday's installment of "The Colbert Report" at 11:30 p.m. on Comedy Central (check local listings) to see the results of the Star Wars-inspired challenge that has attracted national attention."

UPDATE: The winner was announced last night along with special guest George Lucas who had a last minute entry from a San Francisco Bay Area visual effects company. You can check out the ILM entry right here!

Also according to fan of TheForce.net "DanSh1138", last nights episode of The Colbert Report is now available on iTunes!

UPDATE 2: Check out the George Lucas bit right here online for free at Comedycentral.com! Thanks to Sherman Hall for the tip!