Yes, Tim Armstrong does have a secret plan to save AOL, and it involves cartoons starring Warren Buffett and Martha Stewart. At an employee meeting today to rally the troops with his new strategy, Warren Buffett and Martha Stewart were on hand to talk about their new Web cartoons. AOL founder Steve Case is also there Tweeting about it (he took this picture of Buffett and Stewart on stage).

Buffett’s cartoon will be called “The Secret Millionaire’s Club” and it will be geared towards teaching kids about business (fun!). “Martha Stewart KIds” will feature a 10-year-old Martha Stewart. Both will be produced by A Squared Entertainment, along with cartoons starring supermodel Giselle Bundchen (“Gigi & The Green Team”) and the late astronomer Carl Sagan (“Kosmos”). Each show will have 26 episodes, which will run three to five minutes each.

Does this mean AOL is going to start producing more of its own Web video content? That would fall into its new mission: “To inform, entertain, and connect the world.” I hear that there are some ex-Yahoo employees in LA who have some ideas on how to create Web video.