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There are definitely some captcha OCR readers (like this one), and there's even a scheme in which the captcha image is copied onto a porn site and is human-decoded. You may hate spammers, but you've gotta admire their craftiness! ;-)
I've seen some pretty ingenious captcha-type systems. One that makes me smile is KittenAuth -- you have to click the kittens to get in.
Arvana
arvanadesign.com
Thanks arvana. I once found this link and then lost it. Now I have it back. ;-)
Just discovered a new one as well:
http://hotcaptcha.com/
You have to pick out the good looking people to get access.
Arvana
arvanadesign.com
These guys have a really fucked up idea of what "good looking" people are. Out of three tries only one validated.
Well it uses HotOrNot's API, so it's based on public opinion. More accurately, it could say "pick the young slim people with streaks in their hair" instead!
I do really well with the women, not so well with the men.... I guess you need to choose the gender you're attracted to! ;-)
Arvana
arvanadesign.com
Actually I only tried women, but still...