Rocco, a 35-year-old Londoner wins $2m (£1m) to direct his debut feature Faintheart, written by David Lemon. The comedy is about hobbyists who re-enact Viking battles.
A panel of experts selected the competition's 12 shortlisted directors and three finalists from more than 1,000 entries. After that, MySpace users could watch shorts - including Rocco's Goodbye Cruel World - and vote on the winner.
Experts on the panel included Sienna Miller, Kevin Macdonald, Nick Love, Michael Caton-Jones, Andrew Macdonald, Alison Owen, Stephen Woolley and Christian Grass.
Now, MySpace users will be able to contribute ideas for the Faintheart script. Later, casting and crewing and other creative decisions will be influenced by the public on MySpace. Principal photography will start in October 2007.
Jamie Kantrowitz, SVP marketing and content, MySpace Europe, said: 'A world first, this film will allow for enthusiasts and professionals alike to come together in a unique, collective expression of creativity. This making of this film is a true representation of the way MySpace and social networking is changing the way people interact with entertainment and are entertained.'
James Richardson, producer at Vertigo Films, added: 'The creativity and pure enthusiasm exhibited by Vito Rocco make him ideal for the very challenging task of making a feature film by mass participation. Vertigo Films will be working very closely with him throughout the life of this project and are very excited to begin production on Faintheart.'