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Today brought the news that advertising revenues at the Washington Post continued their swan dive in the fourth quarter of 2007. That’s demoralizing.

But now it’s being offset by even more momentous news: A game room!

In what used to be a smoker’s room by the Post‘s cafeteria, there’ll be Wii, air hockey, and foosball.

Who’ll be the first to take on Downie?

Word is that the nod to dot-com-style workplace recreation is coming from the paper’s new publisher, Katharine Weymouth.

We’ll be all over this cataclysmic story in the coming days.