The terms of Service bind you whether you are a member or a visitor.
Of course you can’t include any offensive or inappropriate material in your profile. Your profile should also not include last names, telephone numbers, street addresses, URLs or email addresses. (8-6)
You can report objectionable material by clicking on "Report Inappropriate Content" link.
You can become a member only if you are over 14 years old. “Your profile may be deleted and your Membership may be terminated without warning, if we believe that you are less than 14 years of age.” (1)
You or MySpace can end the membership anytime without notice. Some parts of this agreement, for example liability for inappropriate content, copyright violation or waiver of your rights will, however, remain binding even after termination. (2)
MySpace may charge fees for its services and to change them from time to time. You don’t get any refund on termination. (3)
You will neither use somebody else’s account nor will allow use of your account. (4)
You can’t profit from use of MySpace unless MySpace itself has approved your “commercial endeavors”. This includes an advertisement in your profile, accepting payment, posting blogs with commercial purpose, or selecting a commercial profile as your "Top 8" friend. (5 & 8-26)
MySpace can use or edit your content. You can send the same content elsewhere also. But you can’t use others’ content. (6-1 & 6-4)
MySpace.com may delete any content that is offensive, illegal or violates the rights, harms, or threatens the safety of any person. But it has no responsibility to do so. (7-1)
It can also take legal action for offending content. For example against racism, nudity, collecting private information from under 18, spam or using somebody’s photograph without his permission.(8-1, 8-4,8-5,8-9, 8-14)
You can’t use the site to start selling or purchasing things. MySpace can also restrict the number of emails you can send to other members. It may also impose a token fine of “$50 for each such unsolicited email or other unsolicited communication you send through the MySpace Services.” (8-17)
MySpace is not responsible for anything you come across on it or for quality of its service. (12)
Its liability for any loss is limited to “the amount paid, if any, by you to MySpace.com for the MySpace services during the term of membership.” (13)
State and federal courts of the United States located in the State of California, City of Los Angeles have exclusive personal jurisdiction in disputes involving MySpace. But you can also opt for arbitration. (15)
If any dispute about your usage arises, you, not MySpace, will face a suit. (16)