A friend just pointed out the The MySpace Terms
6. Proprietary Rights in Content on MySpace.com.
6.1 By displaying or publishing (“posting”) any Content, messages, text, files, images, photos, video, sounds, profiles, works of authorship, or any other materials (collectively, “Content”) on or through the Services, you hereby grant to MySpace.com, a non-exclusive, fully-paid and royalty-free, worldwide license (with the right to sublicense through unlimited levels of sublicensees) to use, copy, modify, adapt, translate, publicly perform, publicly display, store, reproduce, transmit, and distribute such Content on and through the Services.
So while you music, photos, writing is on MySpace, Rupert Murdoch / News Corp and MySpace have the right to use it for whatever they want. That means license it for use in commercials, televisions shows, etc…