Amidio has created the “world’s first” true DJ software for the iPhone and iPod touch with Touch DJ.  This app allows you to use your own MP3 or M4A files to create your own DJ mixes; this includes the ability to scratch and loop as well as manipulate positioning, equalization, effects, and pitch.  Very neat stuff.  Touch DJ is available in the App Store right now for $19.99.  Peek after the break for a demonstration.

[Via Engadget]