Facebook

I'm one of the millions now, can you find me! :)

MySpace

Myspace is a super handy way to share your information to find like minded friends around the world who share similar passions (music, films, art, poetry etc). Libraries are using myspace to set up groups of young people so they can contact them directly to let them know about events the young people might be interested in, or to set up bookgroups. An example of a local community group using myspace is Jets Studios, a council funded youth recording and rehearsal studio in Bundoora (http://www.myspace.com/jetsstudios).
i already use myspace in a professional way to advertise my bands (www.myspace.com/slightofbuild) and (www.myspace.com/internationalkarateband) .

Flickr

Flickr is fuuuunnnn :)

image generators

heaps of fun! very easy to use too! :)

http://www.bighugelabs.com/fx.php

Second Life

Second life is a pretty cool looking virtual reality world, and seems a step up from older versions like the SIMS. i can see the appeal, particularly for young people to create a "virtual life" as a form of escapism. This way they can live out (well, virtually live out!) their fantasies and dreams without risking any danger, harm or ridicule! This seems to be the major benefit!
The 3D websites through Exit Reality are really cool, and obviously reflects how most websites will look in the future.
As for on line gaming, while it is not a hobby of mine, i do recognise how ace it is to be able to play against other people anywhere in the world. its always more fun playing games with other people, and this makes it much easier

iGoogle

iGoogle is very handy, there are loads of useful applications, and the games aren't bad either!
i could live with myself working for google, looks like a good place to work with lots of fun toys! i am still worried about Google sharing your information and all that (see fine print when u join with a gmail account) but what can you do? :)