Stephen Colbert’s bid to launch a super PAC is no laughing matter, especially now that the comedian has won approval to raise unlimited campaign cash to influence the 2012 elections.

The Federal Election Commission today voted 5-1 to approve Colbert’s political action committee, giving him a shot at doing what political types such as Bush strategist Karl Rove and former Obama aide Bill Burton are already doing to finance TV ads ahead of next year’s elections.

Colbert sought a so-called media exemption that would allow him to use airtime, staff and other resources from The Colbert Report for the super PAC so that Viacom Inc., Comedy Central’s parent company, wouldn’t have to disclose them as in-kind contributions.

In an advisory opinion adopted by the commission today, the FEC said “some of Viacom’s activities would fall within the press exemption, others would not.

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