Sara Nelson (herself a victim of the collapsing book publishing industry) got the scoop for the Wall Street Journal, and judging by her description of the deal, apparently not.

Vaynerchuk doesn't even read books, let alone show any sign of being able to write them. He's a 33-year-old Belarusian immigrant who pals around with members of San Francisco's Web elite like Digg founder Kevin Rose, but hasn't made much of a splash in the New York media world. But he has 145,000 followers on Twitter, a popular videoblog about wine, and a burgeoning career dispensing advice to wantrepreneurs.

Here's a current sampling of the sort of twattle that will fuel his next ten books:

Is there one book in Vaynerchuk, let alone ten? That hardly seems like the point. Recycled 140-character aphorisms from Twitter, pretty pictures of wine, and a built-in audience are what one needs to succeed in the publishing world. Books don't make people famous. Famous people make books.

Intellectually, that is, as opposed to financially. Most people attending South By Southwest Interactive admit that they're there for the chance to hang out in Austin with the same Internet buddies they hang out with in San Francisco and Brooklyn. Without the parties, what's the point? That's always been the case with South By Southwest. It's just that with the economy prostrate and the social-networking bubble thoroughly popped, there's not even money to skim from the froth.

There's still enough money to pay for tickets to Austin, of course. But in good times and bad, SXSW has always suffered from a lack of purpose. The music and film festival which gave birth to it has real songs and real movies to talk about. The attendees of SXSW Interactive have nothing to look at but each other, and nothing to listen to but their own kind. Surely that explains why it ends up being a group grope of self-congratulation over little at all.

Ah yes, the bubbly parties. Facebook threw a party celebrating the launch of a tool for linking Facebook friends to iPhone apps, completing the circle of two recent technological fads. And Dennis Crowley's Foursquare — which may be based on code he sold to Google, his former employer — facilitated so-called "flash parties" at bars for those who couldn't get on the official party invite lists, or didn't care to wait in line. Kevin Rose, the founder of Digg, launched Wefollow.com, a directory of users for Twitter, to help navigate the mess of messages broadcast on the service.

In other words, the best and brightest of Silicon Valley and Silicon Alley are working on iterations of existing software for the most frivolous of purposes. There's not even a fundamental innovation in this round of tweaks meant to help you waste time more efficiently. (Gawker Media, the publisher of Gawker and Valleywag, threw a party of its own — but at least my colleagues were open about their intentions, which seemed to involve getting a bunch of geeks liquored up.)

It all reminds me of Camp Cyprus — the group of 20 Web cognoscenti, a gaggle of Facebookers and startuppers and wantrepreneurs who flew to a rich kid's dad's vacation home on the Mediterranean last fall and created a video of them cavorting in swimsuits to celebrate their own brilliance to the tune of Journey's "Don't Stop Believin'." It was an incredibly tone-deaf gesture at a time when Wall Street was imploding and people were losing their jobs.

Except the economy hasn't gotten any better. And South By Southwest Interactive has more than 10,000 attendees. So doesn't that make its excesses 500 times worse?

A few people had the sense to avoid this particular trainwreck. Ev Williams, the CEO of Twitter, gave it a pass — even though the tech crowd at SXSW did so much to popularize his status-updating service. That the likes of Rose and Crowley are the stars of this year's South By speaks to how far it has fallen.

I first attended South By Southwest a decade ago, when the dotcom boom had 12 months left to run. Mark Cuban, then the head of Broadcast.com, gave a keynote speech about Internet video; he sold his Web-video startup, Broadcast.com, to Yahoo a month later for $5.7 billion. Under Yahoo's ownership, Broadcast.com went on to not be YouTube.

The difference between then and now: Thanks to the delusions of public-market investors, there was actually money to be made from what Internet insiders admitted were inanities. Now there's no money and no hope of making it. There's just the frivolity left.

Videographer Richard Blakeley quizzed bloggers on the highlights and lowlights of this year's South By Southwest.

Scenes from South By Southwest: (photos by Scott Kidder and James Del)

Tumblr founder David Karp has a new Tumblrette, Stephanie Wei! Update: Okay, we've gotten this whole who's-David-Karp-dating thing straight. Stephanie Wei was recently spotted with Karp at a birthday party for Briana Swanson. A tipster explains:

Karp is most definitely dating Stephanie Wei though, to the annoyance of many. Her friends were calling and emailing me asking if he was gay or not a couple of weeks ago, and now they complain that she's always with him.

Karp's sex life sure is confusing!
Pop17's Sarah Austin shows off her intellectual property.

Former Valleywag editor Nick Douglas puckers up to Laughing Squid's Scott Beale.

Lifehacker editor Adam Pash demonstrates how to open a beer bottle with a piece of paper.

Wine Library TV's Gary Vaynerchuk and "friend," which is caption-writer code for "we don't know who this is" very important person Becca Camp.

Facebook employees pop champagne with sparklers, just in case you missed the point that they were drinking champagne.

CollegeHumor's Ricky Van Veen and Tumblr's David Karp attempt to locate South By Southwest's point.

Sargent's interview with Ask a Ninja cocreator Kent Nichols went well until the Ninja himself joined the show via a video feed that didn't really work. "I can't even understand what he's saying," Nichols told the crowd after an inaudible Ninja monologue went flat. Another technical difficulty: cutting between the Ninja and the stage on screen, the audience got a nice look at the other open windows running on the computer running the show's A/V board.

Sargent's whole schtick is running his show as an amateur hour; he pretended to be fired from his last show, Infected. But how could Ad:tech's audience, hardly Sargent's Web-savvy, insidery target, know this? When Revision3 cofounder Kevin Rose took the stage as a guest, the lines between schtick and snafu continued to blur. Rose used to host a cable show on a now-defunct channel called TechTV. Sargent asked him if he'd ever want to go back to traditional media. Rose said no, of course, and explained that he preferred Internet TV to cable because its less structured and pre-planned.

Advertisers, though, kind of like a bit of structure. Never was it more clear why TV producers so carefully manage air time than when guest Tiki Bar TV creator Jeff MacPherson came on stage and told a five-minute story about not meeting Steve Jobs. Not meeting Steve Jobs? Could have been told in 30 seconds.

As the live taping wound down, Wine Library TV's Gary Vaynerchuk came on. And he almost saved Web television for the whole bunch, drawing cheers from the assembled ad buyers and sellers with a typical I-did-it-you-can-do-it-too rant. Sargent, ignoring the live audience, cut Vaynerchuk off and suddenly it seemed like Vaynerchuk didn't belong on stage. True. Vaynerchuk's video intro featured clips from guest appearances on shows hosted by people known by their first names — Conan and Ellen. Unlike online video, Vaynerchuk has made it to prime time.

Everyone who attends will receive an award, and everyone's a presenter, making the event more of a party than a PodTech egofest. Gary Vaynerchuck of WineLibraryTV will cohost the event scheduled for November 30 somewhere in Los Angeles. Sounds all right to me. If you're going to celebrate loser-generated content, the least you can do is not have it run by a loser-generated company.