If you own an iPod touch you may be excited to learn that you can add new applications to the touch screen iPod, you may not be so happy to learn that it'll cost you.

At today's keynote Jobs unveiled five new applications for the iPod touch, Maps, Weather, Notes, Stocks and the most sought after touch application, Mail.

The Maps application (Google Maps with Locations) will triangulate your position using known Wi-Fi hot spots. No GPS needed.

In addition to the five applications, the bookmark on steroids, Web Clips allows users to place webpage short cuts on their homescreen.

The biggest wow factor of the update is the ability to arrange your applications and Web Clips over multiple homescreens and within the dock. For example, instead of having the Pictures application residing in the dock, you can replace it with YouTube, or you can create a Home Screen with all your Web Clips.

The new applications and capabilities are available on all new iPod touchs, while the update, for current owners is available now within iTunes for $20. Ouch!

To download this video to add to iTunes for viewing on an iPod with video, right click here and choose, Save link as.../Download linked file, depending on which flavor of browser you are using.

REQUIREMENTS: QuickTime 7.0 or later.