Here’s another spoof music video, titled “Don’t Stop Competing,” shown at the Web 2.0 Summit conference in San Francisco today, using the go-to classic song “Don’t Stop Believin’” by Journey.

It’s from investment banker Terry Kawaja, who goes by the stage name “L. McDuff.”

The video makes fun of the increasing competition and rancor between and among the various power players of Silicon Valley these days–from Google to Apple to Facebook.

Personally, BoomTown thinks a better song might be Kenny Loggins’s “Danger Zone” (which I also embedded below).

Enjoy:

Since BoomTown constantly called the $15 billion valuation of Facebook “insane” when Microsoft (MSFT) forked over $240 million in 2007 and gave Slide’s Max Levchin a very hard time when his widget company got a $550 million valuation a year ago, it’s only fair that I say something equally appropriate about Twitter.

The hot microblogging service just got its very own $250 million valuation, all without a dime of revenue in sight. (I know, Bijan, it’s coming, it’s coming!)

After all, Facebook and Slide got their funding in boom times and here we are hurtling toward a possible Depression: The Sequel, even as Twitter hauls in $35 million more in investments.

But I am torn.

Should it be “WTF?” given that the current economic meltdown really seems to have little impact on Silicon Valley venture capitalists?

I guess they have to put their money somewhere and that’s probably the best choice out there, due to Twitter’s strong growth and, perhaps more importantly, overhyped media mindshare.

Or maybe: “Don’t Stop Believin’!!? I mean, you almost have to admire the appalling suspension of disbelief for Benchmark Capital and IVP to hand over such a sum.

In fact, they are probably right now down at at Il Fornaio in Palo Alto, telling everyone who will listen that Google (GOOG) was founded in the last tech downturn.

Actually, I think the only thing to say is to reference the search giant: “Let’s hope Google has another YouTube moment and decides it must own the start-up pioneering real-time search and status updates no matter the price.”

That’s kind of long, so I will distill it to this Calgon-inspired thought: “Larry and Sergey, take me away!”

Because while I appreciate that Twitter co-founder Biz–I can’t help it, but I laugh every time time I write his name in relation to a company that makes bupkis–Stone underscored that the company was ready to make some money using the new funding, an acquisition by a big, nervous Internet giant is the only way this is going to end well.

In his post, ironically titled “Opportunity Knocks,” Stone noted, “We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products.”

That would be nice, because right now, there’s no Biz like no biz.

And not to sound like a skunk at this Silicon Valley garden party, but Twitter might want to start doing that sooner than later.

I know, I know, I am such a bummer with all this talk of things not just growing to the sky in a world without end.

But as Facebook–valuation now officially $3.7 billion, although probably more if it were to be sold–has found out, the delta between dreamy funding and revenue reality can be quite huge.

And, by that, I am not saying it can’t be done, I am simply saying: Do it.

Until then, here is a lovely Calgon commercial and also a video of that amazing last scene in the finale of “The Sopranos” with the Journey song playing until it is abruptly cut off (I say Tony was shot in the head by the guy in the bathroom, but please weigh in):

Let’s get this out of the way: BoomTown completely missed Lionel Richie perform, cooling our heels outside behind the rope line at the MySpace party in San Francisco last night.

Major bummer.

That aside, I did finally get in and did a video at the rocking event, which the SoCal-based social-networking site–owned by News Corp. (NWS), which owns this site too–threw at the lovely Old Mint building, after the day’s proceedings at the Web 2.0 Summit.

It featured that exclusive performance by Richie, and also song-spinning by DJ AM.

But mostly, it was the scene of a lot of wild partying, with a lot of swinging, and packed most of the night, even as the supposed gloom of the econalypse was settling over Silicon Valley.

So here it is, including MySpace PR head Dani Dudeck, refusing to sing for me, as well as a madly-dancing-but-no-commenting Brandee Barker of Facebook.

(In my Richie-less addled state, I mentioned Neil Diamond’s “Hello, Again,” rather than Richie’s “Say You, Say Me” in the video. Sorry!)

Also, don’t miss the strains of Journey’s “Don’t Stop Believin’”–which has become the infamous song of the moment in the digital sector.

Here’s the video:

I am sure this will be the dumb-as-a-box-of-hammers reasoning this group of Web 2.0 folks gives for this odd video effort, doing a lip-synch romp on their group vacation in Cyprus to Journey’s “Don’t Stop Believin’,” and then posting it for all to see on Vimeo.

It is titled: “20 world Internet citizens met in the Turkish Republic of Northern Cyprus in October of 2008 for a week of reflections on life, love, and the Internet.”

Um, kids, here’s a reflection: While you swim in that pricey infinity pool in your luxury villa, Silicon Valley is tanking all over the place. You might want to check your email and see if Sequoia Capital or Ron Conway has cost-cutted you out of a job!

Oh, sorry, BoomTown’s karma is so negative, isn’t I?

But the video gave me flashbacks to heedless-partying-until-the-bomb-fell attitude before the popping of the Web 1.0 bubble. It obviously still burns.

The group rollicking includes Blip.tv’s Mike Hudack, Facebook’s Dave Morin, Drop.io’s Sam Lessin and–well, um, eek, bad idea, awkward!–tech reporter Jessica Vascellaro of The Wall Street Journal.

Here is the video:

UPDATE: Apparently, the makers of the video have made it private on Vimeo and blocked it on YouTube, likely due to the reaction to it, but you can see it here.