Although i have mentioned this few days ago, i will rewrite it again, since Pat has pushed a new splash screen in the latest current LILO package so that it will display a splash screen with a nice Slackware Linux text with black background. You can see the images in Slackware Mirror.
Please note that you might need to make a new LILO configuration to have the new splash screen, so it's not enough by just re-running /sbin/lilo again, since it only force LILO to re-read the configuration and install it on the place you have specified.
MAKE SURE you have BACK UP of your lilo.conf first
Update (13:45 PM): The splash screen is very COOL! It has a Slackware Linux text with dark background and the OS selection is on the top right corder. It's very nice. Thanks Pat and the rest of the Slackware Team