Over at the Yahoo’s blog, they’re highlighting a group that’s using Yahoo Live, a new video chat system, as a tool for creating music online:

Just finished a great recording session with the Trackrunners - we spent about 3 hours with them live, giving them ideas and feedback as they composed a new track. The Y! Live audience chose the topic (pickup lines, heh), and the Trackrunners put down the beats, melodies, rhymes right there as we watched. The result is a brand new mp3, available for you all to download - just head over to myspace.com/thetrackrunners and download the opening track, “What I Gotta Say.” Nice job Trackrunners, hope to see you guys on again soon.

I’m not sure if I see this as an important new way of making music, but it could be a interesting option for getting more interaction in your music creation.