Actually, this is really an application you can use on any type of site, but I'm now testing it out on my blog.
It's called Woopra (Woopra - Website Tracking and Analytics) and I have to credit my friend, Rich Schefren, for sharing it with me. (The guy always seems to be on the cusp of everything online.)
Anyway, it's a web analytics program that gives you REAL-TIME stats for your site. In other words, it shows you *LIVE* what is going on on your website. You can even IM visitors LIVE.
It's pretty sick.
I highly recommend you check it out.
Oh, and it's FREE!