But you no longer need to guess. See for yourself, at The Smoking Jacket, which is now up and running. Mostly running, that is: I’m getting lots of “502 Bad Gateway” errors this morning:

If you’re time-pressed, here’s some of the editorial you’re missing:

• “7 Signs You’ve Given Up on Getting Laid”
• “How to Get Laid at Work”
• A photo gallery of the 1983 Playmate Playoffs
• A video of Playmate Kimberly Phillips in which she is not visibly naked.
• A 21-second video introduction from Hugh Hefner, in which Hef speaks for a couple seconds.

Hefner may have been time-pressed because he is busy trying to take Playboy (PLA) private. Another option: A sale to Penthouse owner FriendFinder Networks, which tried and failed to go public itself in the last year.

FriendFinder, a collection of porn sites and niche social networks, was supposed to start trading this week, after filing for a public offering more than a year ago. But this morning, the company pulled its IPO, citing “market conditions.”

I’m assuming this is not a euphemism for the Dow’s plunge yesterday, but instead a polite way of saying “we couldn’t find buyers.” The AP reports that FriendFinder, which was trying to sell some 20 million shares for $10 to $12, sold 15 million shares at $7 each earlier this week in pre-IPO trading.

Now FriendFinder will have to find some other way to resolve its massive debt issues. The company throws off a lot of cash, but all of that–and more–is getting hoovered up by loan payments. It reported $45 million in income from operations in the first nine months of last year and spent $75.3 million on interest payments in the same period.

Meanwhile, if you’re in the market for a high-end sports car, this may be the time to make the FriendFinder team an offer. The company has yet to sell the Ferrari 360 Modena it bought from its founder for $125,000 in 2006. FriendFinder is carrying the car on its books at $95,000, but I’ll bet it’s willing to negotiate.

So if you really want to make a bet on a Webby public offering in the near future, you’re going to have to wager on companies with a…less impressive pedigree. Companies like FriendFinder Networks, which runs a collection of porn sites and niche social networks, or Vringo, which is ostensibly in the ringtone business and wants to raise $64 million to keep going.

UPDATE: Vringo notes that it is only looking to sell $13.8 million worth of shares and warrants in its initial offering, but that conversion of warrants could eventually generate tens of millions more.

How can ringtones still be a business in 2010? For Vringo, they aren’t: The company has been giving them away for free, though it hopes to start selling them soonish.

Better hurry. Vringo has raised $17.5 million since 2006, and has burned through almost all of that. Total revenue so far: $36,000, generated by a partner in Armenia. PaidContent has more details from the S-1.

I still haven’t heard back from FriendFinder Networks or Andrew Conru, who appears to be the founder who sold his company his car in 2006. But MediaMemo readers tell me the car in question is a Ferrari 360 Modena, similar to this model on sale, via eBay (EBAY), at Excel Auto of Boca Raton, Fla. (click image to enlarge):

I thought this car might actually be the same one that FriendFinder owns, since it says the car in question is being held for sale, and because FriendFinder is also based in Boca Raton. But a manager at Excel tells me that’s not the case.

Disclaimer: I need to note that while I appreciate the tips MediaMemo readers have passed along, they remain unconfirmed. So it could be that FriendFinder owns a different kind of car that it purchased for $125,000 two years ago and now values at $95,000.

The bigger question: Why would FriendFinder buy a Ferrari (or any other kind of car) from its founder a couple of years ago? And what has it done with it since? Did employees of the month get to take it for a spin? Has it been mothballed? Did it sit parked in front of the company’s HQ as an incentive to work harder and longer?

(UPDATE: A partial answer — the car was supposed to have been given away as a contest prize.)

As always, if you’ve got thoughts on the matter, you can comment below, or reach me directly at peter@allthingsd.com. If you want to be completely anonymous, you can use the blind tip box here.

But the FriendFinder prospectus may turn out to have multiple Christmas gifts for those who work their way through it. For instance, Nick Wingfield, my corporate cousin at The Wall Street Journal, dug up this gem under “related party transactions”:

In another interesting tidbit, the company says [predecessor company] Various purchased an automobile from the founder of Various for $125,000 on October 27, 2006 (the founder in question appears to be Andrew Conru.) The company doesn’t say what kind of car it is or why it bought it, but it doesn’t appear to have gotten a very good deal. The filing says the vehicle is currently ‘being held for sale and in 2006 was written down to its estimated net realizable value of $95,000.’ A FriendFinder spokesman didn’t immediately return a call for comment.”

I’ve also lobbed queries in to Andrew Conru and to FriendFinder’s corporate HQ, but haven’t heard back. But perhaps MediaMemo readers who are more autocentric than I am (I’ve owned one car in my life–a 1994 Toyota Tercel with vinyl seats and no air conditioning) can help answer one of my questions: What kind of used car can you get for $95,000?

Please share your thoughts with us via the comments section below; if you find the registration process too onerous, you can leave an anonymous comment via the tip box. (UPDATE: Some readers tell me it’s a Ferrari 360 Modena).

In the meantime, I’ve made my own rudimentary attempt to gauge the market for $95,000 cars: A trip to eBay’s (EBAY) Motors showroom. Here’s a sampling of what’s available in the $90,000 to $95,000 range today (click on each image to enlarge).

2006 Bentley Continental Spur. Starting bid: $95,000

2003 Ferrari 575. Starting bid: $95,000

2007 Porsche 911. Starting bid: $95,000

1970 Ford Mustang Boss. Starting bid: $90,000

2004 Lamborghini Gallardo. Starting bid: $95,000

That’s the story behind yesterday’s filing by FriendFinder Networks Inc., a collection of porn sites and adult networks that wants to raise $460 million via the public markets.

Given that the media industry is in the dumps, the tech IPO market was closed even before the economy’s collapse and that the prospects of floating any kind of offering in the public markets is dicey at best, it would be hard to find a worse time to try this route. But FriendFinder doesn’t have much choice: It has very little cash and a lot of debt.

The details: The money-losing company has $43 million in cash, and $420 million in short-term debt. Some of that debt is already in default and the company has breached loan covenants for some loans as well. Presumably the company can’t find anyone to lend it that much, so it’s hoping that the equity markets step up.

If investors bail it out, almost all of the IPO proceeds will go to paying down that debt. If not… well, that “could have a material adverse effect on our ability to continue as a going concern.”

Anyone still thinking about helping out Daniel C. Staton and Marc H. Bell, who run the company and own more than half of its equity? Read the full registration statement here.

[UPDATE: FriendFinder investors get a bonus: Partial ownership of a $95,000 car the company bought from a founder a couple years ago for $125,000.]