Microsoft and Rockstar today announced that the latest “Game with Fame” event will take place tonight over the expanses of Xbox Live.

The game? Grand Theft Auto IV Lost and Damned.‚  The fame? Busta Rhymes.

Anytime today add Mr. Rhymes’ gamertag, which is “Busta Rhymes GwF” and hop into the fray tonight between 7 and 9 Boston time, as long as you have purchased the DLC.

Also, if you’re in the mood to raise some hell, you know, for the fun of it, the Lost and Damned LIVE weekend begins this Friday and runs through Sunday.‚  And, just for playing, you’re name will be automatically entered into the data base for a drawing of all sorts of fantastical prizes.

So grab your shotgun, embrace your lack of morality and jump into the city of Liberty!

GTA IV’s first downloadable expansion, “Lost and Damned,” was exclusively released today via the Xbox LIVE Marketplace.

What? You forgot?‚  I haven’t been able to escape Johnny Klebitz and his biker gang cruising down the streets of Liberty City on my television. ‚  Furthermore, the internet exploded as news of a full frontal male nude scene would be included in the release.

Available for 1600 MS points, or $19.99, the Lost and Damned features an all new story following the notorious biker gang, a full range of new weapons, including a grenade launcher and sawed off shotgun, new vehicles, physics, and in-game TV, internet and radio, and a brand new set of action-packed multiplayer modes.

“Lost and Damned” will take up 1.78GB of your hard drive space and if you’re like me, living in the past with a good ole 20 gig with a couple games installed, you might have to do some housecleaning.

Microsoft has caught the “Damned” fever as well and is bringing you the Lost and Damned LIVE week.‚  Exclusive contests, prizes to be had, and most importantly FREE access to “Lost and Damned” new multiplayer modes for the next five days.

In conjunction with LIVE week, Microsoft is also offering up some serious biker gang clothing for your avatar. Finally, a possible reason to modify your creation? Maybe.

Is “Lost and Damned” worth a third of the full GTAIV retail price?‚  Check back soon for our hands on review.