With all the nonsense with Instagram one should be careful and some of the more sophisticated point and shoots have many so called art filters already built in. These filters do not involve Instagram.
Instagram v.1.0 Filters Come to LightroomThere are a few existing Instagram style filter presets already available for Lightroom, but the folks at Really Nice Images say that theirs is the first in the world to emulate not just the newest filters from Instagram, but the filters that the app was originally released with.
Really Nice Images says that their digital imaging experts reverse engineered these filters using GretagMacbeth color matching techniques, and that they've been optimized for the sRGB color space. If you're so inclined you can pick all of the Instagram presets for $30. Presets are available for Instagram v.1.0 and v.2.0 separately - each set runs $20.