I haven't a clue what this is about, other than it's related to MySpace. Which might be considered clue enough, I suppose. If you'd like to be instantaneously and unexpectedly teleported from the comfort of your home into the middle of a school playground, it's all good. For me it's like being mugged in a meadow, things like this don't happen in the real world.
"Trolling" is an internet term meaning, broadly, "to post inflammatory, controversial or intentionally provocative" messages to forums, blogs and bulletin boards in the hope of getting an argument going. But it only works for as long as the other users fail to see the underlying intent and are enraged into knee-jerk reactions. That's what appears to be going on here, and there's no better demographic for trollers to target than teens, for whom appearance and reputation mean more than anything else.
The site takes care to dot and cross its legal i's and t's, claiming to be all jolly good fun with no malicious intent. Nevertheless it's an unpleasant place and clearly meant to be. It has no business model, though, which means no potential income from visitors, so if you don't want to get involved the best thing to do is probably just walk away from it and find something better to do.
MySpace has become a parody of itself, as many other commentators have noted: abandoned by all except struggling musicians, angst-ridden teens and shadowy characters who may or may not be what they seem but on balance probably aren't. Sites which get in on the MySpace act aren't likely to be much better, and this one certainly isn't.
Regardless of the inoffensive claims made for this site, it's definitely creepy and it seems complaints of bullying abound. Which may or may not be true, but, unlike here in the real world, it can't come after you if you turn away. Which is almost certainly the very best thing you can do.