Microsoft’s MSN is in preliminary talks with MySpace about using the social networking site’s music service, MySpace Music, to power music offerings on the giant portal.

While sources at both companies cautioned that the talks are still early, Microsoft–which has its own music site that it programs with original and partnered content–execs are interested in goosing its offering.

That’s because MSN Music consistently ranks substantially lower than other big online music properties in terms of traffic, while MySpace Music is always near the top.

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In a week, the entire advertising sales staff of MySpace will gather at a swanky new seaside resort about 20 miles south of Los Angeles to get a first glimpse of the fresh direction the company is preparing to take under its new management.

The beleaguered social networking site has been in the midst of an effort to reinvigorate its image, spur innovation in its product and–most of all–pull itself out of a too-long slump, even as longtime rival Facebook has seen explosive growth.

On the possible agenda: A new strategy aimed at music and entertainment; a new look; and, perhaps, a new boss for the ad sales team.

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The board of iLike planned a meeting earlier tonight to go over a buyout offer by MySpace, several sources close to the situation said. But it was suddenly canceled because of some thorny tax implications related to the talent-retention part of the deal to purchase the social music start-up.

This does not mean the pending acquisition is in jeopardy, sources said, and it could be on track to be signed as early as today, barring any more complications.

What’s also been unclear is the actual price the social networking giant is paying for iLike, which has been reported as about $20 million. In fact, only $13.5 million will be paid in cash, with $6 million slated for forward payments to retain key talent.

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As BoomTown previously reported, there have been a lot of exec departures and shifts at Fox Interactive Media and its MySpace unit, which seem to be continuing.

Especially departures, it seems, as the massive restructuring of the digital units of News Corp. keeps shaking out.

Top engineer Max Engel, who ran the social networking site’s open initiatives, for example, is leaving to join the new stealth start-up being helmed by ex-MySpace employees, including former COO Amit Kapur.

And there are a lot of others too.

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I blame post-election exhaustion for rendering me comatose after Tuesday, which is how this video I did at the Web 2.0 Summit in San Francisco last week got stuck in my to-do-later pile.

Well, it has since been fished out, including interviews with conference organizers, John Battelle and Tim O’Reilly, as well as Demand Media’s Richard Rosenblatt (who is apparently scared of me, which is just the way I like it) and Microsoft’s man-in-Silicon-Valley Dan’l Lewin.

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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 threw after the day’s proceedings at the Web 2.0 Summit.

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.

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On Wednesday, the annual Web 2.0 Summit kicks off in San Francisco.

The lineup is particularly good this year and it is also a perfect time to take the temperature of the Internet’s movers and shakers, given all the hubbub of late with the weak economy.

Speakers will include bicycle champ Lance Armstrong, Yahoo CEO Jerry Yang, former VP Al Gore, Google.org head Larry Brilliant, Paul Otellini of Intel and Facebook’s Mark Zuckerberg, among others.

But, best of all for BoomTown, singer Lionel Richie will be performing at a MySpace Music party.

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