1. 'tinker with' - To play with, to change
2. People who use MySpace may get upset because it's not just for friends and socialising anymore.
3. 'in droves' - In large groups
4. A 'cog' is a part of a machine. In this sentence it means 'a part of'.
5. 'conglomerate' here does mean corporation.
6. 'the likes' The type of people, similar people.
7. 'corporate cousins' businesses working together.
Hope this helps.