I’m in photo hell right now, so the announcement that Dropbox has released Carousel couldn’t have come at a better time. Taking to the stage at a press event today, the company announced the release of an application that will instantly back up your photos to the cloud and let you share your images with friends and family.

Carousel is iPhoto, Photo Stream, and iCloud all rolled into one glorious application. Carousel will also organize your images for you on the fly based on events and cluster shooting of images.

Here it is, straight from the mouth of Dropbox:

We’d like you to meet Carousel: a gallery for all the photos and videos from your life. It combines the photos in your Dropbox with the photos on your phone, and automatically backs up new ones as you take them. Carousel sorts all these memories by event so you can easily travel back in time to any photo from any date. And unlike other mobile galleries, the size of your Carousel isn’t constrained by the space on your phone, which means you can finally have your entire life’s memories in one place.

Did we mention that it will back up your videos too?

Here’s the best part about this whole thing: the images are entirely stored in the cloud, so your photos won’t be taking up space on your phone.

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The application isn’t live yet, but it will be shortly. You will be able to pick it up on the App Store some time today.