Verbling is a new site designed to match people who are willing to help each other learn a new language. For now the site only supports English and Spanish, but it appears that they have plans to expand their offerings in the future.
Verbling matches native speakers of a language with people who want to learn that language. Then at the appointed meeting times the two people get together to have a live conversation using one of the suggested conversation starters. Half-way through the session they switch languages so that both people get to practice the language that is new to them. Currently, Verbling is hosting two conversation sessions a day at 3pm (ET) and 10pm (ET).
See TechCrunch's post about Verbling to learn more about the company.
Applications for Education
Verbling could be a good way for students who are trying to learn a language to get some valuable practice with native speakers of that language.