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.

Quite a bit higher, it turns out.

$1.95 billion is the company’s market cap as of March 27, when it had 137.84 million shares outstanding. But this figure doesn’t include preferred shares, etc. So Palm’s true valuation–equity valuation with convertible preferred shares, exercisable and nonexercisable in-the-money options, warrants and whatnot–at its current share price of $13.87 is about $2.9 billion.

$423 million to $2.9 billion in 12 months.

Turnaround story of the year. For now, anyway….