"Encryption" IRC script?

[wmono@Direct.CA (William Ono)]

C'punks..

I was just DCC'ed this rather cryptic IRCII script.  The author, nickname
george..

/whois george
311 George ~root original.netwest.com * :000-System Admin-000
312 George irc.escape.com :[198.6.71.13] Escape - New York City

(I highly doubt he's really the root there - no identd running?) claims that
it's an encryption routine in IRC.  I don't know how to read that script
language, and I'm most certainly not a crypto expert, so I've attached the
script in hopes that someone can tell me if this guy is a whacko and whatnot.

(Sorry for those not interested - the file was small, so I figured that not
too many people will mind.  It is ASCII with some nonprintables contained
within.)

I warn that I haven't tested the script, and as with all untrusted scripts,
DO NOT RUN IT until it's confirmed by someone that it's safe!

I-CODE.IRC

--
William Ono <wmono@direct.ca>                                     PGP 2902B621
 fingerprint = 51 6B BC 81 57 D8 FF 6A  5A A1 A4 6B 9A E3 E5 EE = fingerprint
PGP-encrypted mail welcome!                              Witty Quote Goes Here