Times have been tough for Friendster, once the social networking figurehead that now like hair metal bands is finding its biggest audiences in places like Indonesia and Malaysia.

Despite flagging business, the site, which comScore still ranks as a top 20 global entity, is launching a Do-It-Yourself advertising platform for small businesses. According to the report, advertisers with whatever budget have full control of the messaging and creative in the ads, the ads can be optimized, are in the standard 300×250 web size and can be linked to Friendster profiles and outside blogs or websites.

While Friendster is targeting the DIY ads in both North America and Asia, something tells us one’s creative efforts will likely find a more captive crowd overseas.

More: “Ashton Kutcher on Twitter”