Should I allow him? Am I just to paranoid?

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Our two computers are in our living room area off to the side. Whenever my 14 year old is online he is only allowed to go to certain sites to play games or research stuff for his homework. I am always on my computer right next to the other one so I can see what is going on. I don't allow him access to any social networks as of yet. It's not because I don't trust him, I do. It's because of the predators and even more because have you seen the way the youngsters are on myspace and other sites? They openly talk about getting drunk or high, they make it the cool thing to do. They talk a bunch of talk that they shouldn't be talking, hold guns in their pics to make themselves look like gangsters etc. The girls are half exposed, I know because I have a younger brother that just turned 20 and I see what him and all his friends, connections post on myspace ( and have been over a period of 5 years). It's not only him and the people he associates with but many many other young people from all over the world. I was greatly alarmed a few months back when I was browsing through myspace and one of my friends daughter had some comments left on her profile about different ways to commit suicide, and I continued browsing to see just exactly what it is kids talk about OMG I mean, I remember being a teen, and yes I drank a few times here and there as a teen, but these kids are constantly drinking and posting picture proof of being drunk on their profiles. I don't want my son to think it's cool to behave like that, or to be pressured into such behavior. The problem with social networks is this: Think of yourself as being say 15 or 16 years old. You have an account on a social network. You accept or request to add someone you know in person from school or maybe a cousin. Say that person is a good person doesn't behave in manners described above, but they have friends that do. So one of those friends is browsing the first friend or cousins profile, and sees yours, they see something you might have posted like say you are into playing video games, and that person also likes video games or whatever, and they think you sound interesting so they request to add you. You go ahead and accept because they are a friend of your cousin or first friend right. So now you are on that second friends profile friend list, and you are opened up to all of friend number 2's friends who do nothing but party and get high. You've been communicating with friend number 2 for some time now and maybe even a few of his or her friends. You see all the pics and comments back and forth between them about how much fun they're having. About how they tried this new drink last night and it was the bomb. Got hella drunk and they took some X as they like to call it and were trippin hard etc.. etc.. etc.. Before you know it friend number 2 or one of his or her friends invites you to a party. They say it's ok you don't have to drink or anything just come have fun. You say to yourself " I can go to the party and have fun I just won't drink or take any drugs. " You go to the first party, then another, and another. Then after a few times the pressure is on. Someone at the party offers you a drink. You think for awhile and decide " Oh one drink won't hurt besides my friends seem to be having so much fun, and I feel like an outcast." Before you know it you are going to more and more parties, lying to your parents that trust you because til date as far as they know, they have no reason not to. You're getting drunk, and high, and it leads into more and more problems. No way. It's bad enough the kids have to be strong in school and try to not fall into the pressure of this stuff without allowing them to subject themselves to the influence of others via the internet. Especially when they get all caught up in talking about ways to commit suicide and other stuff. So my son has asked me a few times now about getting a myspace account. I'm honestly scared to let him do it. As I said before not because I don't trust him, but because of this type of stuff mentioned above. On the other hand this would give me an opportunity to look into his world, and see who he hangs out with at school, what they talk about etc. But then he might feel I am spying on him and don't trust him. I'm confused and don't know what to do. Do you have a teen that you allow to be on social networks? If so what has your experience been? For the record my boy is 14 and to date I have had no major problems with him. He's for the most part a good kid, gets good grades and only has a few friends he regularly socializes with that live in our neighborhood. I have no reason to believe he couldn't handle himself if an incident came up, I just feel why open the door for it to happen when it can be prevented?