If you are one of the lucky 75 million worldwide feeling like you are back in 1998 with your beloved chirpy dialup modem, here's why
A clumsy ship in the mediterranean dragged their anchor into one of the submarine cables that keeps you connected with the rest of the world, breaking it.

Here's an article about it from The Guardian (via slashdot.org)
Also, if you've been wondering why Iran's President Ahmadinjad hasn't updated his MySpace, here's why. If my interpretation of what Traffic Reports is showing, Iran's internet is completely down (100% packet loss).

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