Check out Seattle's latest Internet startup, Skillbit, created as part of the Startup Weekend occurring at the Adobe offices in Fremont.

There's not much on the site at this time, just a message asking people to sign up to be notified when the service debuts. That should be in a few hours since the goal is to get a business launched in 54 hours.

About 120 developers, lawyers and entrepreneurs started on the project Friday at 6 p.m., with some folks continuing to work on the business until midnight Friday and Saturday.

"It is moving," said Kimm Viebrock, a technology consultant who has been blogging about the event and spoke to me a few minutes ago. "We still believe we are going to have something to launch at 9 p.m."

The team has run into some problems, including a wireless router issue that disrupted some testing. Currently, developers are testing the service and working out a few bugs.

"But that is what is to be expected at this point," said Viebrock, adding that folks are shooting for the 9 p.m. deadline so they can get a celebratory drink.

About 120 people are participating in the creation of SkillBit, described as a way for teams to leverage "the skills, knowledge and experience of its members." Of the 13 Startup Weekends held around the globe, only the San Francisco Bay Area attracted more people.

More on the formation of Skillbit here, with a description of why they scrapped an online car pool resource in the first few hours.

My story last October also described the people who like to create startups on super fast time frames.