If you've been on Facebook the past couple of days, you've probably seen some of your friends posting some strange copy/pasted legalese about copyright and privacy— viral paragraphs which purport to inure you and your content against affronts by the Evil Lord Zuck and his minions. As has been widely reported by people more patient than us, these status updates are actually, completely, painfully meaningless. As long as you've agreed to Facebook's Terms of Service (which, if you have a Facebook account, you have) they pretty much own your ass (at least as much of it as you leave exposed in your privacy settings).
Allow the sage copyright lawyers and privacy rights scholars at College Humor to state this plainly (above). And, for everyone's sake, try not to act like an idiot on Facebook.