The idea is summed in these words: "share the page that i'm currently browsing with my friends."
This is a website with a 100 px frame on the left. You sign in using Facebook connect. Fill out a form to enter the URL's (domains) you want to exclude. (That you don't want your friends to see you're browsing.? Webmail services such as Gmail, Hotmail, Yahoo should already be on this list), and that's it! ? You keep browsing on the right frame. The website stores the URL's, and if any of your friends click your profile picture (on the left frame), he/she sees the website you're currently browsing, on the right frame.
Similarly, you see your friends' profile photos who are using this website on the left frame, and when you click one of them, the website he/she's currently browsing opens up on the right frame. If he/she's currently browsing a domain he/she doesn't want you to see, you get "your friend doesn't want to share the page he/she's currently browsing" message.
That's pretty much it!
any questions regarding the project ssould be asked up front. i expect a css-based clean design for the tables, forms etc., except for the logo. facebook connect is mandatory.