The Friends Reunited album, a double-CD of hits from the 80s, is scheduled for release next month and will appear on the Universal Music Television (UMTV) label, the company's specialist compilation arm.
Users registered to Friends Reunited have been invited to vote for their favourite tracks from a selection on the site.
"We haven't done anything quite like this before," said Simon King, UK & international marketing co-ordinator at Universal Music Television.
"There is potential to do more, but it is not definite at the moment.
It is similar to the BBC deal to launch Top Of The Pops-themed compilations; it is on an album-by-album basis."
Friends Reunited and UMTV initially researched the project by asking users to tell the site about their favourite music.
"Many of those people remembered the 80s and liked the music. We wanted to do something with the site because it is an extremely strong brand," King explained.
In July, UMTV launched a 70s-themed microsite (www.groovybabycd.com) to promote its music CD compilation inspired by the third Austin Powers movie, Goldmember.
Digital diary, p8.