Well, it might seem like the bloom is off the flower of social networking, as questions mount as to how these sites can become profitable businesses.

But MyYearbook, a fairly new but fast growing (for its size) social network that focuses on high schools, “is raising a huge round,” according to a reliable source.

This seems especially probable as a rash of other social networks and related companies have raised large rounds, most recently social network application company RockYou and business social network LinkedIn.

MyYearbook has, according to Hitwise, seen a 384 percent increase in traffic over the last year — from 0.29 percent to 1.40 percent of the US social networking market .