Well wait no more, because SimplifyMedia has already done it.
You might know that SimplifyMedia is a piece of software that you install on a Mac or PC, and it will allow you to open up your iTunes library on another computer, over the internet. For instance, when I am at work, my entire library at home, including playlists, show up in my local copy of iTunes – and it’s all being streamed.
According to a recent post on the SimplifyMedia blog, “Apple has approved our iPhone app, and we will be making it available in about a week in the App Store”.
Unfortunately, unlike the FREE Mac/PC version, the iPhone app will set you back $3.99. Still not bad I guess.