BoomTown, who never met a Yahoo story I didn’t like to write up, is handing over the stage today to hyperactive entrepreneur Mark Cuban, who just weighed in on what Yahoo should do.

Literally, his post yesterday on his Blog Maverick site is titled “What Yahoo Should Do,” and he lays waste to a lot of the conventional wisdom about the Internet portal’s fate.

Cuban and Yahoo have a rocky history. Yahoo bought his company, Broadcast.com, in the Web 1.0 boom in 1999 for $5.7 billion in stock, which Cuban promptly sold at the peak.

Since then, he’s used the billions he garnered to conduct the longest-running I-told-you-so in the digital industry, including being on the alternate board when Carl Icahn was waging a proxy fight against Yahoo (YHOO) earlier this year.

(Full disclosure: Cuban has recently also gotten into a tussle with the SEC recently.)

Let’s just say, Yahoo CEO Jerry Yang is not a fan. Ironically, in the piece, Cuban seems to be a big fan of Yahoo, or–more precisely–of its potential.

First, Cuban discounts any purchase of Yahoo’s search business by Microsoft (MSFT)–sorry, Carl. And not because Yahoo does not want to sell, but because he thinks the software giant will not waste its cash horde, as it gears up to fight Google (GOOG).

“Why anyone thinks that Microsoft is stupid enough to give up what amounts to most, if not all of their liquidity is beyond me. Particularly when their net current assets have now fallen a little below Google’s. Between liquid assets and borrowing capacity, both have about the same amount of ‘powder’ in place in the event ‘the next big thing’ appears on the radar. I doubt either wants to be at a disadvantage to the other when it comes to potential opportunities.”

Next, calling Yahoo’s directors and large shareholders the “Huggy Bear contingent,” after that classic cliché of a character on the “Starsky & Hutch” television show, he advises against “trying to dress up Yahoo in order to pimp it out to any bidder it can find.”

Instead, in a very clear strategic explanation, Cuban advises that Yahoo become an aggressive buyer of traffic, services, content and monetization.

Given so much is on sale at a huge discount, Cuban posits that Yahoo should make 20 or more acquisitions in the next 18 months:

“Yahoo should be on the warpath, vetting each and every media (yes, media) and technology company it can sit down with looking for bargains.

“It should be taking Yahoo stock and finding every and any accretive investment in the Internet and media space that it possibly can. Some may argue that Yahoo stock is too cheap to use for acquisitions. I beg to differ. The speculation around a potential Microsoft acquisition, along with a very strong balance sheet has propped up its stock. Compared to private and public would be targets, Yahoo stock is amazingly strong currency.”

I like Cuban’s moxie–I always do–especially given he seems to be able to articulate a clear vision in his piece of what Yahoo could be, much better than its leadership.

“Yahoo has the opportunity to be the ultimate next generation media company,” write Cuban, quite correctly. “It just has to stop being afraid of its own shadow.”

Amen to that.

According to Sports Illustrated, Cuban might join–I have truly died and gone to heaven–singer Wayne Newton and “Beverly Hills, 90210″ star Jennie Garth in the reality show phenomenon, which is actually a pretty tough challenge once you get beyond all that glittery spandex tight pants flaunting and focus on the difficulty of learning how to dance that well in front of huge audiences.

Of course, the Internet chattering class has been more riveted by Cuban’s recent “fight” with VC Fred Wilson and really the whole of the digerati, after he basically said the Internet was “dead and boring” in a post on his Blog Maverick site. (Cuban is pictured above almost perfectly.)

He actually only used those terms to get people all pissed off–a typical Cuban tactic–in this post, but was actually making a great point about the Net becoming a utility and how that is a good thing.

I would agree. Just because I did not ooh and ahh over the fact that my blow dryer was powered by the electrical grid this morning does not make it any less amazing.

It’s just there, as Cuban notes about the Net now, writing, “The days of the Internet creating explosively exciting ideas are dead for the foreseeable future.”

He does go a little far in saying that the Web is not evolving (maybe not as dramatically, but it does still change more drastically than most mediums and will change much more in the years ahead).

But, ever the fight-picker, he came back yesterday with another juicy one right to the kisser of Silicon Valley–which did, to be fair, hand over a fortune to him for his (let’s be kind, shall we?) nascent Broadcast.com many years ago.

Still, who can match Cuban’s frenetic defense of his incessant Web use (all punctuation and spelling as he wrote it):

Ive been inundated with spam on Myspace. Used flicker. Used Digg for sourcing news and laughed at the unending ridiculousness of its posters. Used and posted to Youtube, Google Video, DailyMotion, Veoh, Flickr, Slideshare, used every bittorrent client, got bored with twitter after 7 minutes, signed up for other findme, find you, this is where I am, this is where you are, type app I could find, and the lists go on and on. I read techmeme, techcrunch, extremetech, and tons of other tech sites and I make a point to try every and any new site that seems the least bit plausible or interesting. I spend far far too much time on the net just to make sure I keep up and know whats going on.”

Having covered Cuban back in the day and interviewed him onstage at the very first D: All Things Digital conference, this was a nice reminder of what a pleasure it was to cover such a right-back-at-you character.

In other words, Jennie Garth better be very careful or she is sure to get a sharp elbow to the midsection very, very soon. Wayne Newton is, of course, doomed.