This was linked over at drunkcyclist the other day: http://www.bikeforest.com/tread/index.php
The site is for real, and they have some interesting projects there of varying practicality. This however makes no sense. Why not just walk?
I agree with Markz. The Treadmill Bike is a joke, albeit a funny one. There's some pretty amazing stuff on that site though. The Couchbike is a very impressive piece of engineering and their BikeCAD program is really amazing.