Another in the line of CNET’s diversification: it has launched a college-focused online community site, spun off its Webshots picture-sharing site. The CollegeLive service will be restricted to users with an .edu address (like Facebook), and will set up individual communities for each of 4,100 colleges and universities in the U.S., U.K. and Canada.

Students can post photos…CollegeLive also offers social planning tools, a la Evite.

The company will monitor content posted by users and block items that wouldn’t be acceptable to advertisers, company officials said…At launch the site will be populated with photos submitted to Webshots from .edu e-mail addresses.

MediaPost: CollegeLive will be monetized at first only by text link ads—although the site is coded to accept IAB-standard ads.