nookDevs and a bit of Android rooting action. With a 800MHz ARM chip powering a modified Android ROM, it was fairly obvious from the get-go that the Color could make for a decent, cheap, DIY tablet, and now that dream has been realized. Of course the actual process of rooting the Nook Color is pretty involved -- it's no simple unlock like Windows Phone 7 -- but anyone with a keen eye, access to a Linux machine, and a bit of terminal-fu, can turn their $250 reader into a 7-inch IPS-wielding, Wi-Fi-connected, Android tablet.
Head on over to nookDevs for full instructions, but be warned, just because it's technically legal to jailbreak your device doesn't mean you don't void your warranty in doing so, and of course you could brick your device. That said, let's get rooting!