Former Napster co-founders, Sean Parker and Shawn Fanning have once again reunited to launch their new start-up – the highly anticipated video chat service called Airtime. Airtime allows people to chat live with their Facebook friends and meet others with common interests.

Jimmy Fallon will launch Airtime today, the most celeb-studded start-up launch ever, with hundreds of journalists from entertainment networks such as MTV and AllThingsD congregated in a crowded room in MILK Studios on West 15^th Street in Manhattan.

The Airtime interface looks like a desktop, with a row of available friends on the right side and two video panes in the middle. Users of Airtime log in through Facebook as the chat service does not have its own login system, according to AllthingsD.

Users can then ping their existing Facebook friends for a video call, without requiring additional downloaded software beyond Flash. Through integration with XMPP on Facebook, friends will get Airtime alerts through instant message chats, and can click to get to Airtime directly.

Airtime in a nutshell according to Facebook:

• Get to see friends’ photos in a feed all in one place once you launch the app.
• Share multiple photos faster instead of having to post one at a time.
• You’ll have a chance to add a caption, say where you were and tag friends before you share.
• For those early adopters, a Camera to use with the app for the iPhone will be available for sale later today.
• Get a link to the app texted to your phone or just search for ‘Facebook Camera’ in the App Store.