Open this lion's den and let me in!!

I just got a call from Matt Jacobs on

Net2Phone

(NTOP)

. You don't know Matt. Yet. When the DOT was screaming, Matt was Matt.com, but these days Matt is strictly Matt.Redhot.

Matt signed up for Net2Phone today. Couldn't take the hype any more. It was classic. Just like the

Herb

vs. the world Net2Phone real-life

dilemma. The sound was horrible on my end. But it was crystal clear on his end. I wished he had called on the land line. He saves a fortune using Net 2 Phone. I had a horrible echo on my end. His was echo-free.

If I were to invest from my end, I would short it, or at least go long

IDT

(IDTC)

(true disclosure: You can't borrow Net2Phone, so it can't be shorted -- see my

glossary or my

rewrites about shorting) and sell Net2Phone.

But from Matt's perspective, I would buy every share. Clean, quality calls with a great graphic on his PC (we are next to each other, so I ran into his office while he was talking to me) with a device that shows you how long you are on and lots of nifty buttons to go elsewhere. If I didn't know any better I would say I have seen the future and it is Net2Phone.

Bottom line: This one is a battleground. I'm staying away. But one phone call sure explains why this stock is caught in a vicious squeeze that may just be beginning.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.