Zotero - An open source application for citation management.
With Zotero I can build a library of resources that are of importance to me. Diigo and Delicious do the same thing. These are all shareable to the rest of the world (should they care to take a peek at your library). What I particularly appreciate about Zotero is its ability to grab citations from Websites. It is also said that using these citations (in the style you select: APA, MLA etc,) in a Google Doc, for example, is as simple as "dragging & dropping." I haven't tried this feature yet, so I cannot weigh in on its functionality.
What I've tried so far is collecting resources and creating folders within my library to store them. I'm doing a test run with Zotero by attempting to use in a collaborative project I have in another LIS course. I hope it proves to be useful!
Should you be so inclined, here's a link to my library: http://www.zotero.org/cmcarter36