We're all very excited about the upcoming iPad 2 launch event. We hope that Steve Jobs comes to the iPad 2 event and tells us what Apple has in store for us. Before that happens, we obviously have to make do with rumours. So here's another one for you: Silicon Valley Insider reports that Apple may be planning to launch a new social networking app, alongside the iPad 2 at today's event.

We are hearing vague rumors that Apple may launch some sort of “social” mobile app tomorrow at its iPad 2 event. We expect Apple to show off its new iOS 5 software tomorrow, and perhaps this app will be part of that presentation.
Obviously, this isn't confirmed, and SAI acknowledges that:
To be very clear: We don't know either way if this is going to happen; this is second-hand gossip from a single source in the mobile industry. It could be complete hallucination. But some people are talking about it, others haven't heard a peep, and it's worth looking out for.
If we look back a couple of weeks, we see that in the iOS 4.3 beta 2, we saw hints of a social network-like photo, video and music sharing service possibly dubbed as MediaStream, as well as another service called Find My Friends, which are expected to be released at the iPad 2 launch event as well.
We can't say anything for certain as of now, but we don't have to wait that long to find out, as less than 4 hours remain before the iPad 2 launch event kicks off.
Want to watch the event live? Here's how you can watch the iPad 2 launch event live online.