OMG -- not only are Ashlee Simpson and Pete Wentz engaged, but they're expecting a baby, too! That's what sources for Us Weekly say. As of now, there's not official confirmation, but Pete's rep tells the mag, "We are thrilled to confirm their engagement and congratulate this happy couple. Beyond that there is nothing to say."

We, on the other hand, really have nothing to say -- nothing good to say, at least.