Yes. It's a pretty popular topic. There are some "theories" on Youtube about it; you can also see a screenshot of the image under "Images." It's definitely weird! --- "There are precious few at ease with moral ambiguities, so we act as though they don't exist!"-The Wizard
I honestly don't think it's Luigi being hung. It looks more like Luigi standing in mid-air.
Also, the "noose" around Luigi's neck is the shadow of his Game Boy Color thing and his flashlight. That's why I don't think it's him being hung. --- The earlier you wake up, the more time you have for fun. People that agree to this statement (plus me): 9