Word on the street is that Verizon Wireless will release two phones from Microsoft around May or June of this year targeted towards the teenage demographic.

Dubbed “Project Pink,” the smart phones models will have easy access to a number of different social-networking sites and include keyboards for easier text messaging.

The Project Pink phones are seen as Microsoft’s latest challenge to both Apple’s iPhone and Google’s Android OS-based smartphones. Microsoft hasn’t had much success with its Windows-based phones in a market dominated by Apple and with Google quickly making inroads.

Until now, Microsoft has focused on providing its mobile Windows software to phone makers, rather than offering a model under its own brand. The move would echo Google Inc.’s decision to sell the Nexus One phone, which uses that company’s Android operating system. Microsoft is seeking to win back market share in the phone market after Android and Apple Inc.’s iPhone lured away customers from Windows.

By teaming up with Verizon, Microsoft seems to be taking a different path to market than Apple and Google with what would perhaps be its signature smart phone entry.

The only problem with Microsoft and Google entering the market as a handset manufacturer is the risk it poses to the relationships with other handset makers whom they convinced to use their respective OSs. Their competition is going to be awfully leery of using their software if it’s viewed as providing an additional economic advantage in the marketplace.