Yahoo launching a social networking community site called KickStart which is a professional network to connect college students, recent grads, professionals and alumni to discover internships and jobs, or get career advice and mentorship. The site states that KickStart is in its preview release with no mention of a general availability date. The service allows you to create a profile, browse company profiles, network with your peers, professors, alumni and potential employers, source new hires, give back to your college, and re-connect with fellow alumni and past colleagues. And the kicker is “Yahoo! will donate $25,000 to the alumni association of the college with the most profiles“.

Yahoo has previously made unsuccessful attempts to gain a foothold in the lucrative social networking space with services such as Yahoo 360 blog turned social network, Y! Pipes, its rumored social networking site called Yahoo Mosh, and most recently its failed bid for Facebook.

Yahoo is also planning to release another new service this month, code-named FireEagle, a geo-location service which will let users tell their friends or other websites and services their location and which can me mashed up with other web services.