(Correction: This post originally and incorrectly said that MySpace co-president Jason Hirschhorn had promised a redesign of the site this summer, based on the word of two attendees. Video from the event shows that Hirschhorn promised new products in the summer, and a redesign in the fall. Skip to the 20:00 mark. MySpace management has confirmed this schedule.)Struggling social network MySpace has a major, massive, complete overhaul in the works that the News Corp. subsidiary’s dual presidents yesterday deemed a “reimagining” to the early-adopter audience at the TechCrunch Disrupt conference in New York.

“This summer more product will be released than ever in the history of MySpace,” co-president Jason Hirschhorn said, during a talk that included other co-president Mike Jones. Following that, the company plans a major redesign of the site.

Hirschhorn was candid with the Disrupt audience that it’s “frustrating” to try to make changes to MySpace in a hurry, because of the site’s “almost bulletproof” design.

Once they’re sure everything’s ready and working, he said, the company plans a massive marketing push to drive membership. But only when they’re ready and sure the site is performing to expectations.

A few months’ patience probably makes sense for MySpace at this point. The company claims 120 million users worldwide, but that leaves MySpace a distant second to Facebook’s claim of 500 million. It’s hard to believe how quickly MySpace went from being the Internet’s hottest property to being written off by pundits. Three years ago, MySpace cofounder Chris DeWolfe and News Corp. chief Rupert Murdoch were the guests of honor at a dinner held during the Web 2.0 Summit conference in San Francisco — at a time when they were weeks away from inking lucrative new employment contracts. Now DeWolfe is gone. Anderson, once everyone’s default friend on MySpace, hasn’t logged on in weeks.

MySpace has already made changes in response to Facebook’s success. The site has courted older rock and jazz musicians to create exclusive content for baby boomers. In response to complaints about too-busy personal pages packed with animated images, MySpace created a MySpace Lite setting that strips out the most browser-crushing content.

The changes didn’t work enough magic. CEO Owen van Natta laid off a third of his staff last year, then got the axe himself. The rescheduling of Jones and Hirschhorn’s redesign suggests that News Corp. is willing to give MySpace room to get its act together again, rather than pushing for quick-fix catharsis. Regardless of how many strikes MySpace has against itself right now, a redesign that fails to draw a hundred million new members will be strike three.