This is all over the internet (not just the nerdy parts). Even MSN had a blurb "Marvel to off wallcrawler" or somesuch. Plus as said above, it's the Ultimate Marvel version of Spider-Man. They've killed off so many characters there, they have a listing in wikipedia for it, I think.
EDIT: Well, not a dead Ultimate MArvel listing but the Ultimate Marvel Universe Characters listing does list who is dead (you can click the apprpropiate link for how/why they died) and it's quite alot (and some big names too!).