The latest R7 release for CRM  2011 was deployed on Oct. 25th, 2011.  One of the features available from this release is Activity Feeds.   The new feature will allow you to start building your internal Social CRM which can help increase user collaboration and communication.  If you are in existing CRM Online customer or created a trial instance prior to the release date, you can import the solution from the Dynamics Marketplace: http://dynamics.pinpoint.microsoft.com/en-US/applications/microsoft-dynamics-crm-activity-feeds-12884926310.  All new instances post Oct. 25th will have the new feature out of the box.

Microsoft Dynamics CRM Activity Feeds provide real time notifications and quick sharing of information that the team cares about via quick and short updates. Activity Feeds enable a user to follow and listen in on important activities that take place around the people, accounts, contacts, leads, opportunities or anything else that they care about.

Feed status updates can be posted manually by users or automatically based on pre-defined system rules through workflow. Activity Feeds can also be posted to by external applications through the Microsoft Dynamics CRM web services API. Activity Feeds expose Microsoft Office Lync real-time presence functionality so that users can initiate communication activities such as IM, phone calls and emails.

Microsoft Dynamics CRM Activity Feeds will work with all deployment models for Microsoft Dynamics CRM including on-premise, Microsoft Dynamics CRM Online and partner-hosted.

How to setup and configure Activity Feeds
https://rc.crm.dynamics.com/rc/2011/en-us/online/5.0/help/source_sf_setup_activity_feeds.htm

How to use Activity Feeds
https://rc.crm.dynamics.com/rc/2011/en-us/online/5.0/help/source_sf_use_activity_Feeds.htm

How to follow colleagues and records with Activity Feeds
https://rc.crm.dynamics.com/rc/2011/en-us/online/5.0/help/source_sf_follow_with_activity_Feeds.htm

*Activity Feeds are also available for CRM On Premise as well.