With a $700 budget and a few emails to the religious right, filmmaker ”Oscar Wells” caused a sensation in July ’98 with ourfirsttime.com, a site (now archived at www.moviefund.com/ourfirsttime) chronicling the saga of two teenage virgins willing to lose it on a love webcast. But when net-porn megasite IEG stepped in to host, they determined it was a hoax. So what became of Wells — a.k.a. actor/entrepreneuer Ken Tipton? ”My agent dropped me like a bad habit,” says Tipton, 47. His defamation and breach-of-contract suit against IEG hits L.A. federal court on June 6; IEG has also sued him for defamation. As for the virgins (actors Ty Taylor and Michelle Parma), their current whereabouts are unknown. Talk about coitus interruptus.