Livecoding is quite amazing, but mostly restricted to music as of now:
AA-Cell performance at The Loft, Australia
ChucK and Audicle IDE demo
Alex McLean blog (Vocable)
TopLap group WIKI
but there are some programs capable of live coding for the graphics also (most notably VVVV). Wouldn't it be great if someone made live coding competitions events (like the 1 vs 1 live design compos of cut'n'paste) for rendering?
I really love scripting languages and exploratory programming, expecially when applied to graphics. Computation is art.
P.S. ok so obviously, this was another "cool links" like post ;)