I built two pairs of glasses - one for me, one for my walk in partner - that, when turned on, display "2012" across the two pairs.
I started out by getting two cheap plastic shutter glasses, 100 super bright 30 degree red LED's, and four 1x2 AAA battery holders:
All wired up:
I scavenged some switches from broken power supplies, and attached them to the frame:
Apparently the graduation photographer's camera wasn't set up to capture bright lights well, but I've been told the looked good in person: