We saw a DIY Segway all the way back in August 2007, but it's taken a little longer for wheels to evolve into legs. The Cajun Crawler was built by a team at the University of Louisiana, with the platform design of a Segway but moving on legs rather than a pair of self-balancing wheels.
Video demo after the cut
The leg mechanism is based on a kinetic walking sculpture by Theo Jansen, and made from standard 5052 aluminum with deep-groove ball bearings in the joints. There are actually six pairs of legs in total, inching the Cajun Crawler along with riders either standing or sitting on the platform.
Incidentally, the most entertaining part of MWC last month was watching two Segway-riding execs be roundly scolded by on-site security staff, and made to slowly walk their electric-steeds into the building. They were moving quite a bit faster than the Cajun Crawler, though.