Can Marvel use Spider-Man in a movie... or... what does Sony REALLY own?

[Trallis]

I know the new spider-man movie looks awesome.. but I was watching The Avengers movie and as the alien army flooded through midtown, I automatically thought about how Spider-Man, despite not being an Avenger until very recently, would have most definitely shown up to help, had Sony not secured the rights to the Spider-Man movie world. It's alot different than not seeing Batman or Superman, this is a guy who we've seen fight alongside the avengers tons of times. He's a friend of Tony Stark. I know there's a difference between Marvel Universe and Marvel Movie Universe, but Spider-Man was the guy who introduced me to guys like Thor, Captain America, and Iron Man(Lou Ferrigno introduced me to the hulk). That link in the chain that connects me to them is gone. And any young kid watching the movie who's a Spider-Man fan must think he's taking a day off. Spider-Man doesn't take a day off! Especially not when the world's about to end.

Okay I'm done with my rant, so here's what I was wondering: What does it mean that Sony has the rights to Spider-man? Do they have the rights to the name "Spider-Man"? the costume? The character? Do they have the rights to Peter Parker? What about Scarlet Spider? Spider woman? Miles Morales? What if the Marvel movie universe's Spider-Man was implied dead/retired and the new one was Miles Morales, 15 years old, different color scheme on his costume, no web shooters yet, etc. Or what if Ben Reilly took over as Spider-man? Would that fly? What if they always referred to him as "Spidey"?

Does anyone know any actual information about the conditions of that deal? All i'm aware of is that the rights went for $7 million, and that MGM disputed it and claimed they had the Spider-man rights.

[Songbird/Diamondback]

Spider-Man can not be used. At all.

[The Black Guardian]

New York is a big place. Spidey was just fighting aliens in a different part of town.

Anyway, not unless they want a lawsuit from Sony. The Mutant X TV series got Marvel sued because Fox thought it was too similar to X-Men. While I don't know the particulars, I can imagine the contract with Sony is very similar. They have a license for Spider-Man and his distinctive likeness.