Do you have time to search the web everyday to find the newest social media tools and trends? If the answer is no, then you have come to the right place. I have searched the internets for social media information all week, and stumbled upon a few favorites along the way. Here are my picks of the week:

Gowalla 3.Whoa!

Check-in at one of the biggest location based services, check-in at them all? The newest version of Gowalla’s iPhone app was released on Thursday, and had some pretty big updates. Gowalla has unified check-ins, allowing users to check-in to Facebook Places, Tumblr, Twitter, and competitor Foursquare when they check-in to Gowalla. Download Gowalla 3.0 here.

Rumor Alert: Google to Buy Groupon?

Rumor has it that Google may buy Groupon for a whopping $6 billion dollars. Groupon is rapidly growing in popularity, and is set to exceed $500 million dollars in revenue this year. Sources say that Google wants to make this purchase to extend their online dominance through local advertising dollars, and to fend off competition like Facebook, who recently announced their own deal service.

One Hangover (Badge), Coming Right Up:

Badges! Foursquare announced new badges this week, including Dog’s Best Friend (“for frequenting dog parks”), Great Outdoors (“for getting out to parks to breathe in some fresh air”), Swimmies (“for the aquatic minded”), 9 to 5 (“for those of us in the weekly grind”), Hangover (“we’re not encouraging hangovers, but are happy to salute people who keep on trucking!”), and Ski Bum (“to commemorate your trips up the mountain”).

Social Networking for Social Good:

This week, Facebook co-founder Chris Hughes officially launched Jumo, a social activism social network. You can connect with Jumo via Facebook connect, and then select to follow any of the 3,500 charity organizations (in 200 issue areas) you support.

Netflix To Offer More Streaming Options:

Recently, Netflix began offering a streaming-only subscription, and beginning in 2011, we may have more instant options. This week, Netflix announced a deal with FilmDistrict that will allow first run movies to be streamed. The New York Post also reported that Netflix is in talks with production studios, possibly paying upwards of $100,000 per episode for first-run TV content.