Social networking is all the rage. You can’t seem to even have a conversation anymore without someone asking if you blog, are on MySpace or Facebook. News Corp, who was scrutinized for spending $580 million on MySpace a couple years ago, now look like geniuses for having gotten on board in the beginning. Now, the Microsofts of the world want a piece. Word on the street is that they’re willing shell out serious dough for a small piece of the social net giant Facebook, as in, 5% for somewhere in the $300-500 million range. And that’s just to get their foot in the door. Should the purchase go through, it would value Facebook at around $10 billion. This, of course, makes those of us who didn’t create a social network in our dorm room with a couple buddies feel utterly ridiculous.

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