Tis on. VCs are hot and bothered about Facebook to the extent that there’s now a “Facebook-only V.C.”, reports the Times.

Other Facebook entrepreneurs, and their would-be financiers, are indulging in the kind of exuberant thinking that recalls the first dot-com bubble. This summer, Lee Lorenzen, a venture capitalist in Monterey, Calif., who describes himself as “the first Facebook-only V.C.,” started a $25 million Facebook investment fund and introduced a Web tool, at Adanomics.com, that assigns a monetary value to Facebook applications.

Considering variables like the number of users, frequency of use and advertising revenue, Mr. Lorenzen values popular Facebook applications like Where I’ve Been (lets users show which countries and states they have visited), Texas Hold ’Em Poker and What’s Your Stripper Name (suggests what you and your friends would call yourselves on stage) at around $2 million each.

– NYT, In Facebook, Investing in a Theory