An anonymous tipster tells TUAW that according to code found in the latest firmware release, Apple is working on a new iPhone application called iControl.
The application would allow the iPhone to connect to your iTunes' Library and access your media for playback. TUAW was told that the media navigator will allow you to view videos, play podcasts, listen to music and even support shuffle playback.
The screenshot below shows some of the localizable strings for the rumored iControl application.
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