Cramer on CNBC's MAD MONEY has a telecom pick tonight he says is even better than Level 3 Communications (NASDAQ:LVLT). There is a money-maker, and that is Craig McCaw. He is the head of ClearWire (NASDAQ:CLWR) that is about to come public. If you can't get in on the IPO you can play it in the secondary market.

I have covered this IPO on several occasions. Here is the article with the terms being set this week. On January 30, the filing was revised to show the subscriber rates. Doug has an article showing how much coverage is on this. Cramer likes that Intel Corp. (NASDAQ:INTC) and Motorola (NYSE:MOT) are backing it. At $23 to $25 range given, he said he'd pay $28.00 to $35.00 after the IPO, but only for a portion of it. He would wait for a dip and then buy more.

Cramer also went over his SELL BLOCK. This is where he says to take profits or losses. Here it is: New Century Financial (NYSE:NEW): Cramer was negative on it ahead of earnings. Dividends don't lie, but this one was a lie. Cramer has two more dividends that could be signaling a lie, too, because they are so high they give a warning flag.

BP Prudhoe Bay Royalty (NYSE:BPT) and Frontline Ltd. (NYSE:FRO) are BOTH going into the SELL BLOCK because their dividends are too ridiculously high. BPT is down 18% and the stock and the dividend have to drop. FRO and its 28% yield are misleading because they have to sell off assets to maintain that payment instead of using funds from operations.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.