You read it here first.
Colbert was talking about stories of giant badgers roaming Basra (in southern Iraq). Bombing UW was just to be safe.
For our international readers: The University of Wisconsin sports teams are called the 'Badgers' and our mascot (yeah, I know, a whole nother world) is 'Bucky Badger', pictured here.
Why do you hate us, Stephen, why?
Update, 6:20 am: Looks like Colbert barely skimmed the cream on the real story —see this.