Sorry, couldn’t resist it…Thoof, the social news ranking site formed last year and which had $1 million in funding from Austin Ventures and angel investor Ron Conway, has closed down. The site now redirects to Reddit, the social news site now owned by Conde Nast (Thoof had many similarities with Reddit). The Austin-based site was started by Ian Clarke, co-founder of Revver, and before that, he developed P2P technology Freenet. Signs of trouble were first reported back in January by Gigaom.

Updated: Another social media startup, Social.FM (fka Mercora), has also shut down, reports Om. The social music and sharing service was founded in 2003 by former McAfee CEO Srivats Sampath, and had $5 million from Norwest Venture Partners. The company started before rival sites/services such as Pandora, iLike and Last.fm, but lost out amidst heavy competition and little revenues for the sector in general.

Expect some more of the social news startups, with minimal revenue models built in, to start running out of cash, if they haven’t already…