According to speculation in various news outlets and blogs, Activision Blizzard (NASDAQ: ATVI) may end up doing something with its huge cash position. The software publisher, most famous these days for its Guitar Hero property, has around $3 billion in its coffers. The question is, should Activision Blizzard spend its cash on an acquisition as opposed to doing other things with the money, like pay a special dividend or increase its buyback?

Considering that assets are cheap because of the recession, I'd say that a little shopping might not be such a bad idea. Here's an article that discusses the possibility of Activision Blizzard taking over Take-Two (NASDAQ: TTWO) distributor of Grand Theft Auto. Then there's the concept of buying up THQ (NASDAQ: THQI). Perhaps the company could take Mortal Kombat off the corporate hands of Midway Games.

THQ (NASDAQ: THQI), arch competitor of Activision Blizzard (NASDAQ: ATVI) and Electronic Arts (NASDAQ: ERTS), closed under $10 per share on Monday; $9.90 to be exact. It hit a new 52-week low of $9.30 intraday. I've got to admit, THQ under $10 a share sparks my interest.

I also must concede that my interest might be a bit on the irrational side to some degree. After all, I was a big fan of THQ during the time oh so long ago when all its cylinders were firing and the stock was a pretty cool investment. Now that it's hit the magical spectrum of single-digit, does that event alone changes things on a fundamental level? Am I just looking for a reason to buy a stock I once liked and praised?

As of late, problems have befallen THQ. Questions about the quality of its pipeline and delays of key video-game product have plagued the publisher. Indeed, THQ was a weakening company and a weak stock. Why invest in THQ when Activision Blizzard exists? There's definitely sound logic to such thinking. However, THQ is around book value at $10 per share. And the fact that THQ has some cool intellectual properties at its disposal (Destroy All Humans!, Saint's Row, etc.), as well as a cool licensing partner in Viacom (NYSE: VIA) and its Nickelodeon characters, means you've got to figure that the company might start becoming a value at some point.