Facebook's up to something. Last week, during the peak of the insanity that is CES, the company invited members of the press to its headquarters in Menlo Park, CA, to "see what we're building." We don't know exactly what the company plans to announce, but we're hearing it's something big. Could it be a new search product? Yet another Facebook Gifts revamp? What about the long-rumored "Facebook phone?" We don't know yet what Facebook's up to, but the company is in desperate need of a huge hit, and it may have one ready to show off.

Our own Dieter Bohn and Ellis Hamburger are on the ground in Menlo Park, liveblogging the whole event as it unfolds. It begins at 10AM PT / 1PM ET, so don't miss it!

Check out our live blog here!