I have a myspace profile called Herky (the Iowa mascot)
http://www.myspace.com/19821568
I have around 400 friends. All of them are rabid hawkeye fans. Mostly students and Iowans.
Right now I'm working on an Iowa fan site, with message boards and news etc and I plan to sell t-shirts there. I am going to use Herky to advertise the site. Put the link on the profile and send out bulletins with the link.
People will go there because it's approved by Herky! So I'm going to use it as a sort of marketing tool.
I think myspace is lame too, but if I get some new members out of it, that'll be cool.