Yahoo's Pipes went live last night and it is so cool. Basically, a pipe is an an interactive feed aggregator and manipulator tool that offers a drag and drop editor that allows you to connect internet data sources, process them, and redirect the output.

In other words, it's the latest way to aggregate, package, remix, and process data streams, like RSS and one way to think about it is as a next generation tool that's the equivalent construction set to Ruby on Rails or even Ning.

JZ says: "A pipe is a way of constructing ad-hoc workflows composed of any number of inputs, filters, and manipulation tools. And the beauty of the whole system is that they all use a very simple input and output method, so there's a nearly infinite set of ways you can combine and recombine them--and that's as elegant a description as any.

Check out some demo pipes here. Screenshot above.