AOL just announced AIM Lifestream. The service allows AIM users to check and update their Facebook, Twitter and AIM lifestreams from an AIM mobile and desktop dashboard. Users can send SMS and IM messages directly from the desktop and connect with friends across multiple platforms and using multiple mediums.

While this may appear to be a basic life streaming client for Twitter and Facebook, one of the great features of this service is the fact that it allows users to drag and drop images, URLs and text directly from the browser. While the company will be hard pressed to get users to switch from their loyal desktop lifestreaming clients, this drag and drop functionality may be the best case to switch. The service is available by downloading AIM 7. As announced at today's TechCrunch 50 Conference, the Lifestream iPhone app is currently in the App Store approval process and will be available shortly.