This is a cool tutorial that I came across. I had never heard of lomo photography but thought this tutorial was pretty cool.
Essentially there is some type of camera that will do this effect automatically, It's actually trademarked by some austrian company. Below is my shot at it, i thought it could do interesting things on people so I used a picture with people in it. Check it out below:
You can follow the tutorial here: http://digital-photography-school.com/how-to-make-digital-photos-look-like-lomo-photography