Lomography is a style of photography trademarked by the Austrian company, Lomographische AG. The pictures produced by lomography cameras are easily identified by the vibrant colors, increased contrast and vignette around the edges. I don't have a lomo camera but enjoy the look of shots in that style, so have played with creating the same effect using Photoshop. It has to be said, this picture now looks very different from the rather vanilla snapshot that I took. I think the retro feel really highlights the simplicity of the photo.
I think that the simplest pictures bring the best results when playing with this technique. Here's a before and after example of another photo I took and treated in the same manner so you can see a side by side comparison. While I generally shy away from digital modification of my pictures, sometimes it's fun to play and create something completely new. Lomography cameras are actually pretty inexpensive and at some point I may buy one to play with, but until then, a little Photoshop magic will work for me!
Check out the Lomo Flickr group for more awesome examples.