IK Multimedia recently released GrooveMaker, a music production app for the iPhone/iPod Touch.

This seems like a pretty full featured iPhone app. Some key features:

• Control over 8 stereo loop tracks
• Huge loop library
• Play, mix, and randomize loops on the fly
• Pan, mute, change volume, solo, group, and tempo change loops on the fly
• Save, preview, and recall your mixes
• Upload your tracks as high-quality WAV files to your Mac or PC

There’s several versions of GrooveMaker available:

1. GrooveMaker Free: 125 House and Hip-Hop-style loops (78-125bpm) for free!
2. GrooveMaker Club: 189 House, Techno, Trance-style loops (130-145bpm) for $4.99
3. GrooveMaker Hip-Hop: 315 Hip-Hop-style loops (80-100bpm) for $9.99
4. GrooveMaker House: 315 House-style loops (120-127bpm) for $9.99

Check out the app store for all versions.