Social networking sites have gained huge popularity in recent years. Today names like Face book, MySpace and Twitter have become household names. Facebook reported an amazing 500 million members in July, 2010 and is the most popular social networking site. Most of the users are undoubtedly the younger generation of the populace. We have heard of everything from social networking site addicts to people losing their jobs due to their posts on those sites. So it leads to the question- Are social networking sites valuable assets to us or is it a waste of time.