UPDATED: Ashlee Simpson And Pete Wentz To Combine Hair Products Because She's Pregnant?

Ashlee Simpson and Pete Wentz are engaged! There's going to be a lot of eyeliner at that wedding. The two began dating in October of 2006 and got engaged in Colorado.

"He got down on one knee and she said yes," a family friend says. "She has an amazing ring, and they are so in love." Ashlee's parents Joe and Tina Simpson are said to be "thrilled." Well, yeah, Fall Out Boy is huge. Joe will deal with one less set of boobs to look at in his household for that sort of money coming in. Those girls aren't the cash cows he raised them to be.

Ashlee posted a statement about the engagement on Pete's Friends or Enemies website.

"We know there has been a lot of speculation recently about Pete and I and we wanted our fans to be the first to know, because you guys are the best. Yes, we are thrilled to share that we are happily engaged. Thank you for all of your support and well wishes - it means the world to us. We consider this to be a very private matter, and we wanted to be the first to tell you and to hear it straight from us." Yeah, I'm sure that "private matter" thing will work out. Her Dad will have them getting married during the friggin' Grammys next year on stage. That man is a whoremaster.

Ashlee, 23, and Pete, 28, had gone to Colorado to see an art exhibit that his brother was having, and that's when he popped the question. They were probably taking photos of themselves with various types of makeup and eye shadow on and playing with their bangs when he brought it up. Can't you see these two just staring into mirrors together for hours?

UPDATE: Are they engaged because Pete knocked Ashlee up? When asked, a rep for her had no comment and referred to Ashlee's statement above. "No comment?" Uh, howabout "no?" She's going to give birth to a baby with raccoon eyes and bangs in its face!

Photos: PacificCoastNewsOnline.com