MacRumors.com

TUAW claims that they've heard that Apple is working on a new iPhone application called "iControl" which will allow the iPhone to control and stream media from local iTunes libraries:

TUAW is told that a media navigator will allow you to view videos, play podcasts, listen to music and even support shuffle playback.

Evidence of the player can reportedly be found in the latest iPhone Beta Firmware in the form of localization strings.

Apple already has existing products, such as the Apple TV and Airport Express, which allows iTunes to stream to external devices, so providing similar functionality to the iPhone seems a natural step. In fact, Apple previously applied for a patent on many of the concepts surrounding remotely controlling iTunes from a portable device.

A portable multimedia player (such as the iPod. manufactured by Apple Computer, Inc. of Cupertino, Calif.) is used to wirelessly access and control a media server (such as a personal computer running iTunes software) that is streaming digital media by way of a wireless interface to a media unit (such as a stereo/speakers in the case of streaming digital audio).