Virtual World

Second life is the buzzing word in social networking nowadays. Second life.com is considered to be level-2 of social networking. Second life virtual world has its own currency called 'linden dollars' and boosts own economy.
Users called residents here can do a list of activities that are close to real world's. Residents of second life can make friends, spend/earn money, build/buy/sell house etc.
To make friends users can interact with other residents. To earn money users can dance in the streets. Generous residents who pass by may lend some linden dollars. Other good option is to have linden dollars in wallet before entering second life, which users can get by exchanging real dollars.

Once users have linden dollars to spend, they can search for the beautiful city/locality and purchase virtual land. If users are creative enough, they can start creating 3D houses themselves or else can search for a good reputed builder who will do the work. There are builders who have offices in second life claiming experience in creating 3D houses. Every owner will get the copyrights of the house.
If users feel lonely at house, they can go to the nearby disco, make some friends and invite them to house.

Residents are even allowed to do business, starting from chain of virtual shopping malls to investment firms that invests in second life businesses. To help upcoming virtual/imaginary businessman, Cnet news.com reporter has written a book titled 'The Entrepreneur's Guide to Second life'. Successful business can fetch real dollars too. Because Linden dollars earned in second life can be exchanged with real dollars. Recently second life announced its first millionaire. Millionaire in real dollars, who owns assets in second life virtual world that are worth million US dollars.

Interestingly, CNN has opened a hub in second life that rolls out a second life news report containing internal news for residents. Millions of second life residents are attracting advertisers too.
We have to wait and see whether second life will sustain its growth or ends just like another gaming/fun virtual world.