Time Warner just announced highly anticipated plans to give away AOL’s e-mail and Web services like instant messaging, a local phone number with unlimited incoming calls as well as safety and security features for free.

It’s the fourth revamp in five years since the merger of AOL and Time Warner. Will it be the last? Is it enough to give Time Warner’s stock a boost?

Let us know what you think and write in.

Here’s a teaser from the second quarter financial conference call. “There’s going to be a gigantic discussion of a huge change in realignment of the cost structure,” Jeff Bewkes, Chief Operating Officer of Time Warner, said after asked about AOL.

Here’s a copy of the press release. Here’s a copy of Time Warner’s second-quarter financial report, where it shows a 40 percent rise in online ad sales at AOL. Our earnings story can be found here. A separate story on AOL can be found here.