We don’t think it will arrest MySpace’s bleeding of members or its declining fortunes in the race against Facebook, but tomorrow’s reported launch of its own Web mail could certainly spice things up.

PaidContent is reporting this morning that MySpace’s launch will be tomorrow. It will give members the ability to create an e-mail address like brian@myspace.com. Interestingly, if all 130 million worldwide MySpace members were to take advantage of the new service, MySpace could become one of the largest Web mail providers, PaidContent points out.

MySpace has already taken the lead on personal branding in the social media space. The network has long allowed its members to create vanity URLs which are easily indexed by Google – something Facebook added only a couple of months ago.