Includes a wireless version of MySpace.

Helio, the new mobile service jointly developed by the founders of Earthlink and Korea’s SK Telekom, is now live. Using airtime rented from Sprint, Helio aims to attract young, tech-savvy youngsters though a wireless service focused on a mix of content and community.

Content includes music videos, mobile games and an entire suite of video services that subscribers can customize to their liking—including live video feeds from Fandango, Fox Sports, IGN, MTV News, Yahoo and others.

Music-specific options at launch are limited to music video downloading, and the ability to sideload personal music files from a PC to the Helio device. Planned services for the future include both full-song streaming and downloading options, as well as the ability to share music with other Helio subscribers.

Leading the community applications is wireless version of MySpace specifically designed for Helio. Subscribers will be able to post photos to their MySpace accounts, read and write blogs, and view profiles. Going further, other community and content sharing options include a “gifting and begging” feature, which allows Helio customers to either buy content from their phones on behalf of others, or beg others to do the same for them.

Helio phones and service currently are only available via the Helio Web site or toll-free 800 number. The company said it will expand availability to more than 1,000 retail locations by the end of May, and 3,000 by the end of the year. They include Fry’s Electronics, Tower Records, FYE, Sam Goody and Suncoast.