diff --git a/IPython/core/interactiveshell.py b/IPython/core/interactiveshell.py
index 804c4a4..52e7968 100644
--- a/IPython/core/interactiveshell.py
+++ b/IPython/core/interactiveshell.py
@@ -26,6 +26,7 @@ import codeop
 import inspect
 import os
 import re
+import runpy
 import sys
 import tempfile
 import types
@@ -2356,6 +2357,28 @@ class InteractiveShell(SingletonConfigurable, Magic):
                 self.showtraceback()
                 warn('Unknown failure executing file: <%s>' % fname)
 
+    def safe_run_module(self, mod_name, where):
+        """A safe version of runpy.run_module().
+
+        This version will never throw an exception, but instead print
+        helpful error messages to the screen.
+
+        Parameters
+        ----------
+        mod_name : string
+            The name of the module to be executed.
+        where : dict
+            The globals namespace.
+        """
+        try:
+            where.update(
+                runpy.run_module(str(mod_name), run_name="__main__",
+                                 alter_sys=True)
+                )
+        except:
+            self.showtraceback()
+            warn('Unknown failure executing module: <%s>' % mod_name)
+
     def run_cell(self, raw_cell, store_history=False):
         """Run a complete IPython cell.
 
diff --git a/IPython/core/shellapp.py b/IPython/core/shellapp.py
index 6d90f52..9398518 100644
--- a/IPython/core/shellapp.py
+++ b/IPython/core/shellapp.py
@@ -103,6 +103,7 @@ shell_aliases = dict(
     logfile='InteractiveShell.logfile',
     logappend='InteractiveShell.logappend',
     c='InteractiveShellApp.code_to_run',
+    m='InteractiveShellApp.module_to_run',
     ext='InteractiveShellApp.extra_extension',
 )
 shell_aliases['cache-size'] = 'InteractiveShell.cache_size'
@@ -146,6 +147,9 @@ class InteractiveShellApp(Configurable):
     code_to_run = Unicode('', config=True,
         help="Execute the given command string."
     )
+    module_to_run = Unicode('', config=True,
+        help="Run the module as a script."
+    )
     pylab_import_all = Bool(True, config=True,
         help="""If true, an 'import *' is done from numpy and pylab,
         when using pylab"""
@@ -183,6 +187,7 @@ class InteractiveShellApp(Configurable):
         self._run_exec_lines()
         self._run_exec_files()
         self._run_cmd_line_code()
+        self._run_module()
         
         # flush output, so itwon't be attached to the first cell
         sys.stdout.flush()
@@ -294,3 +299,15 @@ class InteractiveShellApp(Configurable):
                               fname)
                 self.shell.showtraceback()
 
+    def _run_module(self):
+        """Run module specified at the command-line."""
+        if self.module_to_run:
+            # Make sure that the module gets a proper sys.argv as if it were
+            # run using `python -m`.
+            save_argv = sys.argv
+            sys.argv = [sys.executable] + self.extra_args
+            try:
+                self.shell.safe_run_module(self.module_to_run,
+                                           self.shell.user_ns)
+            finally:
+                sys.argv = save_argv
diff --git a/IPython/frontend/terminal/ipapp.py b/IPython/frontend/terminal/ipapp.py
index abd4730..e13fbfc 100755
--- a/IPython/frontend/terminal/ipapp.py
+++ b/IPython/frontend/terminal/ipapp.py
@@ -265,13 +265,16 @@ class TerminalIPythonApp(BaseIPythonApplication, InteractiveShellApp):
             self.interact = True
 
     def _file_to_run_changed(self, name, old, new):
+        if new:
+            self.something_to_run = True
         if new and not self.force_interact:
                 self.interact = False
     _code_to_run_changed = _file_to_run_changed
+    _module_to_run_changed = _file_to_run_changed
 
     # internal, not-configurable
     interact=Bool(True)
-
+    something_to_run=Bool(False)
 
     def parse_command_line(self, argv=None):
         """override to allow old '-pylab' flag with deprecation warning"""
@@ -306,7 +309,7 @@ class TerminalIPythonApp(BaseIPythonApplication, InteractiveShellApp):
         if not self.ignore_old_config:
             check_for_old_config(self.ipython_dir)
         # print self.extra_args
-        if self.extra_args:
+        if self.extra_args and not self.something_to_run:
             self.file_to_run = self.extra_args[0]
         # create the shell
         self.init_shell()