I want to compete with www.myspace.com (Can anyone help me)



why are you even trying? myspace might be slow and a pain but thats like taking on ebay or yahoo. They're ranked 6 of all websites in most visited. They have almost 50 million members. Granted it is a simple site but a huge one. You'd have to figure out a reason for those 50,000,000 to start using your site.
true, unless you have a pretty big server park with top-notch servers (to make it vey fast with hundred thouthand members online simmultaniously), a good team of developers and desighners who can meke your idea to work ( let's say create tons of functions that will attract people without making it harder to use) and ofcourse HUGE marketing capabilities (to make all the members to switch to your site and get new ones as well): don't try.

trust me about it: unless you can fix all that: you will not succesed

Don't get me wrong realestninja, it was more like a joke, however... 100% true.
You really should read the manual (basics) and start making some experiences.