While procrastinating at the xkcd forum, I ran across a thread linking to political lolcats. The website is amusing, although the makers clearly are very pro-Obama and don't like Clinton or McCain much at all (even if I'm likely going to vote for Obama I'd like a bit making fun of him). Also, most of the captions are not written in lolcat but rather in proper English whereas some could be funnier if written in lolcat.
Highlights include a picture of Obama and Michelle with the caption "Admit it, we're the only political couple you could bear to see naked."
There's a nice one also of Al Gore with a pretentious look on his face and the caption "I am the Lorax. I speak for the trees." I imagine it would be funnier as "I r teh Lorax. I speek for teh treas" or possibly "I r teh Lorax. I dfend all treekind". (I'm waiting for someone to translate this into proper Lolcat for me since I'm not such a great speaker).
There are a handful of good ones, including one with Arnold that I won't describe because it is sufficiently funny that it should be seen rather than described. So I recommend you check it out.