Somebody embedded a Flash version of Goatse in a post in one of my client’s forums today. It was pretty funny, but I excised it, obviously, and was explaining to my client about the rich history of Goatse. From the always useful Wikipedia:
The intended meaning of the site’s name is not known for certain. It is commonly interpreted as a word play on the phrase “goat sex”, although no goats are involved anywhere on the site. An entry on Urbandictionary.com proposes the acronym “Guy Opens Ass To Show Everyone”; this may be a backronym.
For those who have never seen Goatse, bless your good fortune. I heartily recommend against it–live your life without that image burned onto your retinas. Trust me on this. Or, if nothing else, wait until after lunch.
Consider yourself warned. If you go searching for this badboy, or click the links in the Wikipedia article, you do so entirely at your own risk. Mark my words: ignorance is bliss.
DarrenBarefoot.com 
I had made it years without ever seeing goatse, and was quite proud of this fact. So proud, in fact, that I announced it to a group of friends of my ex-roomie. Within 30 minutes, goatse was sneakily opened on her monitor, and I experienced the worst 5 seconds of my life as it dawned on me what I was seeing.
*shudder* Never, ever again.
Goatse is web legend… everyone should see it at least once. And as far as it goes it is *very* mild for what’s on the web.
Other web legendy stuff of a similar nature is “tubgirl and lemonparty”
Where can I follow up for more information
swap.avi is a classic one of the world wide web;s must-see’s as well.