Red Herring, the print magazine, no longer publishes. RedHerring.com, the website, is on its last legs, running Reuters wire copy and the occasional blog post. Red Herring's conference business, too, is in disarray, with cut-rate tickets being issued for last month's Red Herring East to fill seats, and the host hotel cancelling next month's Red Herring Japan. So what does owner Alex Vieux do? Why, launch a social network, of course. (Even that idea's not original: The old Herring had ambitions, pre-bubble, for a similar site called Herringtown.) Valleywag has an exclusive screenshot of the not-ready-for-primetime site, called RH27, after the jump. There's not much to the site, whose developers apparently have been "working non-stop" since April, yet have nothing more to show for that time than announcing their choice of development tools and picking the as-yet-meaningless "RH27" name. Their suggestions: "Rapid Hit? Really Hip for 27 seconds?" Our suggestion: "Ridiculously Hopeless."