I like the way they claim that it isn't a denial of service attack, when it obviously is.
But it seems like a seriously dumb idea to me. Ignoring the way these things drift around the internet and how you're never going to keep up with the spammers anyway, you're giving them your IP address (or does Lycos proxy that? I doubt it). What's stopping them doing a reverse-DDoS back on you? They've probably got much more bandwidth than you have, and they can always throw in the latest Windows overflow for good measure.
(edit: thinking about it some more, isn't most spam these days from zombied broadband-connected PCs? How does Lycos think that DDoS-ing grandma is going to help, if they haven't noticed it slowing to a crawl under all that malware...
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If you really want to fight back, then there are some open source programs that fire off lots of spoof orders in response to spam. That's a useful way of fighting back, because it drowns out the occasional idiot who actually buys herbal V1@gr4 and keeps these b@st4rds in business...
Going off topic, the problem with all this blacklisting etc. is that it's going to make large chunks of the IP4 internet into a wasteland. The spammers have moved on, but the network will remain blacklisted for any future users. For example, I know people who dump all traffic from any APNIC-owned IP address. That's dumping everything from fifty-odd countries in the far east, thanks to a few Korean spammers. More recently, pipex got dumped by AOL for a few days for some unknown reason and Mrs. Evo couldn't email the folks back home in the USA. There's got to be a better way.