First there was Ricky Martin and Jennifer Lopez. Now there is Terra Networks (TRRA) .

Latin Fever struck the Internet world tonight as

Lycos

(LCOS)

was seen shaking its groove thing at the Friday night

Island

ECN salsa party. Someone must have forgotten the Margarita mix because volume was paltry at best. Lycos was up 3 to 57 1/2 on only 8,300 shares.

Rumor has it, the Web portal was seen flirting with Europe's second largest Internet access supplier, Spanish Internet company, Terra. Rumor has it that the two were discussing a linkup which could possibly lead to a merger. The result of that marriage would be an Internet company big enough to ask

America Online

(AOL)

to dance.

It will also be one of the biggest Internet companies in the world to post its content in Spanglish.

Negotiations were kept hush-hush. Terra deflected the gossip with one terse statement made in a filing to the Spanish

National Securities Market Commission

on Friday.

"Talks are currently going with Lycos with no definitive agreement worth announcing so far and no guarantee for the time being that one can be reached," said the statement.

Terra is likely to be the acquirer, as its $16.4 billion market cap outweighs the $6 billion amassed by Lycos.

A merger would be warmly welcomed by Lycos, which has been looking for a buyer for two years, since its deal with

USA Network's

(USAI) - Get Report

fell through.

Lycos had no comment, but rose 7% early Friday on its new studly image. Despite getting lucky earlier in the session, Lycos ended the day only 1/8 higher to 54 1/8 on almost 5 million shares.

Terra, a popular access and content provider in Latin America and Spain, moved 2 5/8 higher to 59 3/8.

ASD Systems

(ASDS)

cares about its customers. It even changed its name to Ascendant Solutions today to prove it. ASD/Ascendant managed to muster almost 400,000 Island shares and modest gains amid thin activity. It ascended 1/2 to 3 1/4.

"The evolution of ASD Systems into Ascendant Solutions signifies the company's determination to offer its clients a comprehensive services platform that enables clients to provide higher levels of customer care," said a company press release.

That is important to a company who's primary business is providing customer care services for online, catalog and traditional retail business.

Ascendant also unveiled a new product this after noon called Omnigy, which manages buying processes for ordering, fulfillment, inventory, customer care, billing and accounting.

If you tuned in to last night's episode, you know that

Draxis

(DRAX)

rose on news that the Canadian government gave the pharmaceutical company approval to market its BrachySeed therapy for prostate cancer.

Tonight Draxis was the second most traded stock on Island, rising in tandem with an after-hours

CNBC

interview with one to the company's representatives.

BrachySeed is an implant used to localize radiation therapy, allowing the intensity to be jacked up to target cancerous cells.

BrachyTherapy has been around for about 20 years but has become a lot more popular lately as cancer patients strive to lessen the effects of radiation therapy. It is used instead of surgery, is cheaper, minimizes hospital stays and has a cure rate of 80%-90% for early stage prostate cancer.

Draxis edged up 15/16 to 3 5/8 on 158,000 Island shares.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.