The latest bit of hubbub in free culture world is a project called Diaspora, started by a couple NYU kids. They're trying to make the StatusNet of social networks, replacing Facebook with an open-source, decentralized web app that you can run on your own server and which ties into existing services like Twitter and Flickr. Since Facebook is the Great Satan and doesn't give a crap about its users' privacy, yet network effects keep me trapped there, I'd kill for an interoperable, federated replacement.
Diaspora is raising money via Kickstarter, which will enable the four-person team to work on this full-time this summer. I encourage you to contribute. In the meantime, I hope they choose to release their code and find ways for the community to contribute in non-monetary ways as soon as possible.
For instance: Diaspora currently uses a picture of a dandelion as their 'logo'. Nice photograph, but photo =/= logo. So I spent the afternoon futzing around with Photoshop and came up with this:
I emailed them it a few minutes ago, we'll see if they like it or not.