Myspace, the exponentially popular forum for everything teen and dreamy, is bringing in three of the four major American music groups to transform its Myspace Music site into an explosive downloading fiesta, the New York Times reported Thursday.

Universal Music Group, Sony BMG Music Entertainment and Warner Music Group will become minority owners of the music site, making their entire digital catalogues available for download by feisty, comment-leaving photoholics sometime later this year. Users will be able to listen to streaming music for free, download tracks for cashola, and have access to a teeming array of merchandise including T-shirts, tickets and ring tones, all supported by advertising dollars.

Myspace chief executive Chris DeWolfe told media a subscription service is also being considered. “This is really a mega-music experience that is transformative in a lot of ways,” he said. “It’s the full 360-degree revenue stream.”

The move is designed to pit Myspace against the towering likes of iTunes and other download engines, which is prompting the label suits to consider holding off on copyright-protection, for now. Analysis said the downloads, if copy-protected, would be useless to the iPod-slinging masses, thus giving those masses no reason to use the service.

Left out of the deal is the fourth-largest music mogul, EMI Music Group, though people involved in the deal are talking about that group joining as well. It’s anybody’s guess what the resulting corporate downloading fiasco would be like, but my advice to anyone who likes music with little four-letter words in it is to download those songs right now.