Does anyone know if this game supports LAN coop?

LAN is not currently supported, but is planned in the future. You can play 2 player local coop on the same machine if you choose to pilot a Duo type ship.

I have yet to try multiplayer, but do you mean currently... can we only connect to your servers? we can't host or anything?

Edit1: just tried multiplayer, can't seem to find any servers, is this normal? how long do I have to wait for this list to populate?

The game uses Photon Cloud for its communication layer. Basically players will communicate through a Photon Cloud server, never actually directly communicating with one and other. This alleviates many of the problems with matchmaking when both clients are behind a firewall. Currently, the multiplayer community is a bit small, so many times no servers will be up. However, all multiplayer modes allow for drop in/out and host migration, so you can just start a server and play much the same way you would in a single player scenario. All modes, except deathmatch, will automatically scale themselves to the number of players in the match.

The server list auto refresh usually takes about a second in order to show the most up to date server info.

We are going to be releasing a free multiplayer standalone for the game in efforts to boost the multiplayer community. We hope to have it out early November.

Great news, I really look foward to multiplayer, though after buying 50+ games (ps3, gog ea sale, back log of pc games, etc.)
I'm truely unsure if this game will take anymore of my time.

I would suggest you enable an 'unlock all parts/hulls' for the people that just want to go strait to multiplayer.
I spent many hours saving up credits to buy parts, and I hope I'm not at disadvantage in multiplayer with my very limited parts.

ps. please post update log for the most previous stick regarding the "STICKY: Ring Runner version 1.0.0.6 is ready for download. " thanks.