Ashlee Simpson has finally popped...

And we are all jumping for joy at the Showbiz Shed - and then chuckling at the choice of name.

Ash and husband Pete Wentz welcomed their first baby into the world last night.

And wait for it... they've called him Bronx Mowgli Wentz.

The bub weighed in at 7lbs 11oz and measured 20.5" from head to toe.

A spokesperson for the family confirmed the news by telling People that mum and baby are "all healthy and happy".

Pete also passed on his thoughts, saying: "Thanks everyone for their well wishes."

According to In Touch magazine, Ashlee went into labour at Cedars-Sinai Medical Center in Beverly Hills, LA early Thursday.

The publication got a confirmation from a family insider who said that Ash was in labour.

Ashlee fell pregnant back in April and the couple were married in May at her parents' posh pad.

The Showbiz Shed send huge congrats to the pair.

We're just a week into the great Ashlee Simpson Womb Watch of 2008 and already her alleged bundle of joy has pretty much jumped the shark.

As the remodeled starlet plays it coy over whether or not she and Fall Out Boy fiancé Pete Wentz are procreating, rumors have begun bubbling that her string-pulling dad, Joe Simpson, may be attempting to parlay the stork speculation into a big payday.

"Joe is contacting all the weeklies and asking them to pony up $1 million to put Ashlee on the cover," a magazine insider tells the New York Post. "The deal would include photos of Ashlee -- taken by Joe, of course, so he can make more money -- an interview and photos of the baby when she has it."

And while there have apparently been some nibbles for the exclusive, the moolah probably wouldn't be enough to cover a single shopping spree at a swanky baby boutique.

A magazine editor tells the paper the snaps would bring in "$60,000 maybe, but definitely not a million ... Joe has an unrealistic expectation of what Ashlee can command."

The editor also points out that "the timing is a little suspicious," what with the release of Simpson's album and clothing line next week, and snipes, "There was little to no interest until now. Ashlee's lucky she got pregnant, frankly."

Brrr, that's cold.

Anyhoo, Simpson, 23, and Wentz, 28, spent the week in New York, and in between a double dinner date with new parents Nicole Richie and Joel Madden (per Us), they squeezed in a lovey-dovey photo op.

The two cuddled up on Wednesday for a series of schmoopy shots that conveniently put Ashlee's Pete-designed, postage stamp-sized diamond engagement ring front and center.
( the picture is on one of the new albums on the band, check it out! )

"It's definitely a big diamond!" she marveled on Ryan Seacrest's radio show Thursday morning. "I stare at it. I go, 'Oh, my God, I can't believe this is on [my] hand!'"

Pete Wentz and Ashlee Simpson, wearing her engagement ring, sighted in New York on April 16,2008

She also can't believe she's about to be a bride (People reports the smooth-haired pair is planning to get hitched next month at a pal's place in La Jolla, Calif.).

"I didn't know I'd be getting married right now, but I'm so happy to be!" Simpson gushed. "I'm a lucky girl."

And while the warbler once again reiterated her desire to keep the "sacred" details of the question-popping private, she offered, "I will tell you that it was very thoughtful, and he did a great job," before adding, "Of course it was thoughtful. He's like that."

Seacrest sidestepped the pregnancy question, but did ask Ashlee if she planned to sip some booze later on.

"Who knows," she responded. "Maybe."

Ashlee Simpson's new album drops next week, but her biggest project to date will take a little longer to incubate. The freshly betrothed "Pieces of Me" warbler and Fall Out Boy fiancé Pete Wentz are expecting their first child, a source close to Simpson told E! News.

"It's very early" in the pregnancy, the insider said, adding that Simpson, 23, and Wentz, 28, informed their families of the impending stork delivery just last week. Over the weekend, the couple began divulging the happy news to a few close (and apparently loose-lipped) friends.

"There is a witch hunt for people to be pregnant whenever they get engaged in Hollywood," the rocker wrote in an email to MTV News. "This is all news to me. I can't wait for the story about how I'm really in a gay relationship and this is all just a cover."

"I mean really, this is crazy...I mean we're engaged, that's true, and happy about it."

As for the couple's families, the only announcement they made Monday was to congratulate the lovebirds on their planned nuptials.

"We're very happy as a family and excited about the engagement," Joe Simpson told E! News' Ryan Seacrest on Monday. "We think Pete is the right guy for Ashlee."

Wentz's mom, Dale, also was mum when it came to taking about grandkids and focused on the couple's other news. "We think that they are great together and are thrilled to have Ashlee join our family" the Winnetka, Ill., school administator told E! News.

"We are thrilled to confirm their engagement and congratulate this happy couple," the reps said. "Beyond that, there is nothing to add."

Expect the younger Simpson to get peppered with pregnancy questions as she makes the rounds in New York later this week to hype her upcoming third album, Bittersweet World, due April 22.

The with-baby news surfaced earlier Monday in Us Weekly and OK! magazine, the latter of which pegs the due date in October.

Simpson and Wentz, who have not set a wedding date, disclosed their engagement last week, just as Fall Out Boy's latest, Live in Phoenix, hit stores.

The couple says ; "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."

CONGRATULATIONS TO THE BOTH OF THEM! I REALLY DO THINK THAT THEYRE GONA LAST & BE REALLY GREAT & FUN PARENTS! xox