Kungaloosh is no more. http://www.orlandosentinel.com/business/tourism/orl-disney2808jun28,0,2367595.story?track=rss Also, from the official disneyworld.com website, "By September 28, 2008, all of the nightclubs on Pleasure Island will close. It will be last call for the last time at 8 Trax, The Adventurer's Club, Mannequinsâ„¢ Dance Palace, BET Sound-Stageâ„¢ Club, Motion and The Comedy Warehouse."
I don't think that Disney has officially announced that park yet! They may have been planning on it at the annual meeting, but it got leaked before hand, so they kind of skirted around the issue. Anyway, the rumor was that the Adventurers Club would be the "entrance" to the new park.