Apple today released a new version of its mobile GarageBand application for the iPhone and iPod Touch (it was previously only available to the iPad). The new universal application, which costs $4.99, allows iPhone and iPod Touch users to record and create tracks and songs from their phones. It includes virtual, touch-based instruments, as well as the ability to work with guitars and other instruments that are plugged into the iPhone/iPod. It is available starting today from the iPhone App Store and is compatible with the iPad, iPad 2, iPhone 3GS, iPhone 4, iPhone 4S and iPod touch (3rd & 4th generation).