Now this I've had quite a few headaches with, first one being that there's no Load / Set Font command like in Blitz. And I don't really know what the default font is or it's dimensions are. Im guess it's 8x8. Also, found that with certain calculations there's this annoying 'beep'. I presume it's linked to a certain Chr() number, but can't find the source of it. Also I've had to leave a 1 place border around the effect, due to getting odd results with having it as a full screen render. Probably due to the font not being a fixed width, and the Print Chr(); 
Also I've tried to make this as simple as possible due to time and life comitments, but I recon it's not turned out too badly. I could of course, cheated and loaded in and converted a fixed width font to use as the rendering, and do it in the old fashion of using a customized Bitmap Font lib, but I wanted to experiment with the standard printing. I've also opted for using GFXlib, as I found that the easiest way of going about it.
Hope it inspires people with their entries, and also hope it works on your systems.  And a big thanks to Optimus for inspiring the Plasma method.
Ok then here goes:
'
' ASCII Render Engine V1.01
' Credits: Code By Clyde 
' Plasma Inspired By Optimus
'
Option Static
Option Explicit
Const XRES=640
Const YRES=480
Const PI = 3.14151693
Dim Shared Vel
Dim Shared ScreenNo
Dim Shared Pal(255)
Dim Shared Sin1(4095),Sin2(4095),Sin3(4095)
Declare Sub CreatePal(Â  Byval Val1 As Integer, Byval Val2 As Integer, Byval Val3 As Integer )
Declare Sub InitializeASCII()
Declare Sub RunASCII()
Declare Sub UpdateASCIIPlasma()
InitializeASCII()
RunASCII()
Sub CreatePal(Â  Byval Val1 As Integer, Byval Val2 As Integer, Byval Val3 As Integer )
  Â  
  Â  '
  Â  ' Local variables.
  Â  '
  Â  Dim As Integer a, m, r, g, b
  
  Â  For a=0 To 255
  Â  Â  Â  
  Â  Â  Â  m = a*( 360/255 ) 
		
  Â  Â  Â  r = Cos(( m+Val1 )*( PI/180 )) *127+127
  Â  Â  Â  g = Cos(( m+Val2 )*( PI/180 )) *127+127
  Â  Â  Â  b = Cos(( m+Val3 )*( PI/180 )) *127+127
  Â  Â  Â  
  Â  Â  Â  Pal( a ) = ( r Shl 16 ) Or ( g Shl 8 ) Or ( b Shl 0 ) 
  Â  
  Â  Next
End Sub
Sub InitializeASCII()
  Â  ScreenRes XRES,YRES,32,3,1 : Screenset 1, 0 : SetMouse  Â ,,0
  Â  WindowTitle "ASCII Plasma!"
  Â  Randomize Timer()
  Â  
  Â  ScreenNo = 1
  Â  
  Â  Dim i
  Â 
  Â  For i=0 To 4095
  Â  Â  Â  Sin1(i)=Sin(i/ 10)* 96+ 96
  Â  Â  Â  Sin2(i)=Sin(i/ 20)*112+112
  Â  Â  Â  Sin3(i)=Sin(i/ 70)*128+128
	Next 
  Â  
  Â  CreatePal( 10, 40, 120 )
  Â  
End Sub
Sub RunASCII()
  Â  
  Â  Dim Key As String
  Â  
  Â  While Key<>Chr(27)
  Â  Â  Â  
  Â  Â  Â  Cls
  Â  Â  Â  
  Â  Â  Â  Screencopy 2, ScreenNo
  Â  Â  Â  
  Â  Â  Â  Vel=Timer()*10
  Â  Â  Â  
  Â  Â  Â  UpdateASCIIPlasma()
  
  Â  Â  Â  Screensync
  Â  Â  Â  ScreenNo Xor = 1
		Screenset ScreenNo, ScreenNo xor 1
  Â  Â  Â  
  Â  Â  Â  Key=Inkey()
  Â  
  Â  Wend
  Â  
End Sub
Sub UpdateASCIIPlasma()
  Â  
  Â  Dim x, y, c
  Â  Dim Vel1, Vel2
  Â  Dim Char, RChar, BChar, GChar
  Â  Â  Â  
  Â  Vel1=  Vel 
  Â  Vel2=6*Vel
  Â  
  Â  If Vel1>503 then Vel1=Vel1-(Vel1\503)*503
  Â  If Vel2>880 then Vel2=Vel2-(Vel2\880)*880
  Â  
  Â  For y=1 To (YRES\8)-1
  Â  Â  Â  For x=1 To (XRES\8)-1
			
  Â  Â  Â  Â  Â  c=(sin1(x)+sin2(y+Vel1)+sin3(x+y+Vel2)) And 255
  Â  Â  Â  Â  Â  
  Â  Â  Â  Â  Â  Color Pal(c),0
  Â  Â  Â  Â  Â  
  Â  Â  Â  Â  Â  RChar= ((Pal(c) shr 16) and &HFF )  
  Â  Â  Â  Â  Â  BChar= ((Pal(c) shr  8) And &HFF )
  Â  Â  Â  Â  Â  GChar= ((Pal(c) shr  0) and &HFF )
  Â  Â  Â  Â  Â  
  Â  Â  Â  Â  Â  Char = (RChar + BChar + GChar) \ 3
  Â  Â  Â  Â  Â  
  Â  Â  Â  Â  Â  If Char<0  Â then Char=0
  Â  Â  Â  Â  Â  If Char>255 then Char=255
  Â  Â  Â  Â  Â  
  Â  Â  Â  Â  Â  Locate y,x : Print Chr(Char);
  Â  Â  Â  Â  Â  
  Â  Â  Â  Next 
	Next 
  Â  
End Sub
Cheers and all the best,
Clyde.