Citizens can use their Linden Dollars to buy things in aid of the charity. A Comic Relief Red Nose costs 550 Linden Dollars, with £1 going to the charity - in actual cash. Linden Labs is the company behind Second Life.
A representative from Comic Relief, Oli Ashford, is selling the merchandise inside the virtual world. Nearly five million virtual citizens reside in the Second Life universe.
Nobody has yet been spotted jumping into a bath of baked beans.
Since its launch back in 1985, Comic Relief has raised nearly £450 million. Last year's Red Nose Day raised £65 million for projects in the UK and Africa.
We reported earlier on how technology is helping the event cope with the huge number of calls and online donations it will get today. Host Pipex estimates around 700,000 online transactions will happen this evening.