"I, myself, am a Libertarian," he said. "I don't want big government to infringe on my right to tell other people how to live. [link]Colbert, of whom, I'm a big fan was obviously kidding. I mean, that's what he does. But funnily enough, he could be a libertarian. A weird one, but still a libertarian.
See Libertarianism, is quite explicitly a political philosophy. A subset of moral philosophy and not an overarching social Philosophy. This essentially, I believe, is the difference between Classical Liberalism and Libertarianism. The former covers a range of things while the latter only deals with the proper role of violence in social life. That is, it only concerns with how the monopoly of force, vested in the state, should be used -- the primary and only concern of politics.
Murray Rothbard, sums this up nicely in an essay about Myths and Truths about Libertarianism,
Political theory deals with what is proper or improper for government to do, and government is distinguished from every other group in society as being the institution of organized violence. Libertarianism holds that the only proper role of violence is to defend person and property against violence, that any use of violence that goes beyond such just defense is itself aggressive, unjust, and criminal. Libertarianism, therefore, is a theory which states that everyone should be free of violent invasion, should be free to do as he sees fit, except invade the person or property of another. What a person does with his or her life is vital and important, but is simply irrelevant to libertarianism. [link]This means Libertarians are a diverse bunch. Practically anybody could become a libertarian so long as you don't want to use force -- directly by your own initiation or indirectly through the state -- to achieve your goals. So even a racist, or even someone like Steven Colbert could be a libertarian, although if you have those tendencies you probably wouldn't be.
Like my friend Ron Paul likes to remind us, freedom is a package deal. If you believe in it, you have to tolerate and accept the fact that people will do things you don't like.
The video featuring Barr and Colbert was in Youtube, but unfortunately it seems to have been taken down. You can see it from the Comedy Central site, but their player kind of suck.
Special Note : What may appear as peaceful activities by the state -- taxation, regulation of any kind is actually not peaceful. It's an initiation of force, think of what will happen if you don't pay your taxes (and you get caught) you will be forced to pay, if you don't do that, you will be put in jail and if you resist arrest, then a gun will be leveled to your head.