Boingers note but may possibly be missing the real point of AOL's terms and conditions for using AIM, its instant messaging service:

Although you or the owner of the Content retain ownership of all right, title and interest in Content that you post to any AIM Product, AOL owns all right, title and interest in any compilation, collective work or other derivative work created by AOL using or incorporating this Content. In addition, by posting Content on an AIM Product, you grant AOL, its parent, affiliates, subsidiaries, assigns, agents and licensees the irrevocable, perpetual, worldwide right to reproduce, display, perform, distribute, adapt and promote this Content in any medium. You waive any right to privacy. You waive any right to inspect or approve uses of the Content or to be compensated for any such uses.

The point I would focus on it is the bald and unspecified waiver to the right to privacy - which is largely unrelated to the surrounding content waiving certain copyright implications. By waiving the right to privacy, for example, can AOL use your computer as a monitoring device for the sounds in your house? How would you know? Can they intrude upon your hard drive and datamine you or keystroke monitor your passwords?