We're going to start off by stating unequivocally that we think this is a bad, bad idea. The Twitter 360 app, just launched by Presselite, is an augmented reality app for your iPhone 3GS which enables you to track your friends by the geolocation of their tweets. The app makes use of the iPhone 3GS's compass to locate the tweeter, then reports back on their location. Now -- if, like us, you want to be able to tweet about the rocking party you're at on a Friday night when you're actually sitting on the couch watching Mama's Family -- don't worry: you can opt out of the geolocation feature. The Twitter 360 app, sure to be a resounding success with creeps the world over, is available now in the iTunes store for $2.99. Check out a video demonstration of it after the break.