Rupert Murdoch has done it again. Insiders were buzzing when News Corp. purchased MySpace.com last summer, but were surprised it has taken him this long to speak on his plans for the picture-dominated website. Watch out Yahoo, Murdoch announced a detailed plan to launch a full-service website portal complete with free video downloads, instant-messaging, and an internet phone calling service. With over 47 million members, MySpace will tap into the 16-35 year old market with a bang. High school kids, college students, and full-fledged adults surf thousands of pictures on MySpace all day long and Murdoch will take advantage of his built-in audience. Why else would he shell out more than $1.3 billion for the site last summer? Check out The Wall Street Journal’s take on Murdoch’s latest move (subscription rec’d.