Protecting Our Children Online Act of 2008 - Amends the Communications Act of 1934 to require schools and libraries that receive telecommunications services at discounted rates under specified provisions to educate minors about safe online behavior. Requires that education to include information about: (1) interacting with other individuals through social networking websites, chat rooms, electronic mail, bulletin boards, instant messaging, and other means of online communication; and (2) cyberbullying awareness and response.