hahhaaha... i also faced this sort of problem 2 months back while i was submitting my websites. it was hilarious.. lol
Omg i stared at the image for like 10 minutes and i cant read it O_O thats officially the worst image ferificaion ever !
WOOHOOO I actually solved it!! Mine was dappicem. http://img71.imageshack.us/img71/5091/solvedij5.png
"Your password and further instructions have been sent to your e-mail address." What did i just signup too?
Some of those verifications are just ridiculous. At times I find myself having to concentrate trying to figure out what the letters really are.
the reason behind of captcha is to avoid fake submission, but I am never able to understand the reason of fancy and hard to read images. Your sample is just another saying of "DONT SUBMIT ANYTHING"