Susan Wu, the first virtual venture capitalist, blogs

Susan Wu is an associate at Charles River Ventures, and becomes the latest in the rare group of female venture capitalists writing a blog (you can count them on one hand).

The blog is called Reality, a play on the theme of her interest, which is virtual worlds. She’s one of the three partners at CRV who made waves earlier this month after launching the Quickstart seed program for start-ups.

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Her area has gotten a lot of buzz lately. She is former chief marketing officer of the Apache Software Foundation, and has an open source background. She told us she spends a lot of time playing World of Warcraft (evident on her blog, too), and that she’s looking to invest in virtual world related businesses. She’s even taking pitches virtually.

That’s a dangerous thing, given the “copybot” that riled the Second Life community, going through the site and copying things to remind people that virtual stuff is essentially worthless (see the VentureBeat column by Raph Koster).

But no one wants to really think about that.

The hype continues. Second Life’s Ansche Chung says she has become the first real millionaire there, making her money by buying the virtual land while it was cheap, and reselling it to people now that real estate at Second Life has become more popular. If she were to sell her Linden currency assets, and then exchange them into real dollars via Second Life’s currency exchange, she’d be a millionaire — at least in theory.