If Google really wants to put its ‘Do No Evil’ mentality out there, they should lead by example and buy Internet radio service Pandora.

While Pandora is wildly popular, it runs the risk of being forced to shutdown entirely (it’s already down in much of Europe and Asia) if the recent RIAA ruling goes into effect that drastically ups the royalty rates they will have to pay for the music they play.

Pandora simply doesn’t have the funds to pay the increased rates and still maintain a viable business – but Google certainly does. Not only would this be great press for Google, but it would give them yet another big outlet for displaying their ads.

Such a purchase could finally also make use of their Google Music Trends service, which is currently tracking musical listening patterns for Google Talk users, but seemingly doing nothing with the data. This data seems all-too-perfect to pump into Pandora to further tailor your music discovery experience.

Come on Google, do the right thing here. Step up to the plate and make an offer. Keep Internet-based radio alive.

If not Google, I’ve got another great buyer – Facebook. They’re poised to launch their own music service very soon and a Pandora purchase could make things really interesting for going up against MySpace (about which, by the way, you have to read Steven Levy’s piece in Newsweek this week – MySpace’s head honchos seem to be quickly spinning out-of-touch, wrapped up in their own hugeness…)

Also check out the coverage of Pandora’s new mobile launch. Yet another reason they need to be saved.