When Jerry Yang said Yahoo’s (YHOO) board was “continuously evaluating all of the company’s strategic options,” he wasn’t kidding. On Wednesday afternoon, Yahoo announced a two-week trial advertising partnership with Google (GOOG), an alliance that – should it blossom – could herald Yahoo’s concession of search advertising to Google and perhaps a postponement of the seemingly inevitable sale to Microsoft (but nothing more). Then, just a few hours later, The Wall Street Journal reported that Yahoo is nearing a deal to combine its Internet operations with Time Warner’s AOL. The deal would see Yahoo acquire AOL in exchange for the media conglomerate taking 20% stake in the resulting monstrosity. Yahoo will no doubt spin such a combination as one that would bolster its domestic market position. But rather than a synergistic powerhouse, a merger of these companies is more like two louts coming together to make one cretin. Not exactly a proven formula considering recent history. AOL+Compuserve = FAIL. AOL+Netscape = FAIL. AOL+Time Warner = FAIL. AOL+Yahoo? Good luck pitching that one to your shareholders, Jerry. Especially if Microsoft manages to convince News Corp (NWS) to mount a joint, and presumably sweetened, bid for Yahoo.