It is written in Perl, and requires:
Checks livejournal.com for updates to your friends page (using the quick-n-easy 'checkfriends' mode)
Continues polling until an update is found, then waits for you to tell it to start again.
When an update is found, it 'dings' the terminal.
You can, using '0' as the only commandline option, tell it not to poll, but only to check for updates once.
To provide login information, you can either edit the source file, and plug your information into the blanks, or do nothing and it will prompt you for your login information.
This was designed to be used inside a GNU Screen window, where the ding will flash the window and put a little '!' next to the windowname to let you know there is activity. It is GPL'd and therefore free.
Get it here!