AOL is poised to launch a magazine-like iPad app entitled "Editions" that TechCrunch suggests will be very similar to the much-hyped Flipboard news app.

Editions is "The Magazine That Reads You," according to a teaser Web site AOL has set up. An iPad featuring the cover of "Editions" with a lead story about "Last Year's Top Tracks" is shown on a desk next to a cup of coffee.

What does the app do? Instead of creating custom feeds from either pre-existing feeds or your own RSS read, AOL Editions will let users rank their interests in various categories, and then fetch articles and content that match that criteria.

If you aren't familiar with Flipboard, here's the skinny: Flipboard is a free Apple iPad app that's touted by its developer as the world's first personalized, social magazine. It works by leveraging the slate's Web connectivity and large 9.7-inch display to cull blog posts, images, video, and articles into an attractive layout that closely duplicates the look and feel of a print publication—in fact, you can flip through pages with your finger as you would any other periodical. In addition, Flipboard as content partnerships with the likes of ABC News, All Things Digital, and Uncrate. AOL Editions would have to at least match Flipboard on these grounds to prove itself successful.

AOL Editions was introduced via a chuckle-worthy YouTube video (below) featuring AOL staff members attempting to come up with a creative tagline for the new iPad app. The video doesn't mention if AOL Editions will follow Flipboard's lead by gathering content from social media sites such as Facebook or Twitter, but use of AOL's own AIM Lifestream would not be surprising.

AOL didn't supply an AOL Editions release date in the video, but considering the company's attempt to position the clip as a buzz-generator, it will probably appear in the near future.