Apple released an iTunes update that fixes a critical bug and will add features that will be enabled when the iPod Touch hits the streets.

The company released iTunes 7.4 this week, fixing a buffer overflow vulnerability that affects Mac OS X v10.3.9, Mac OS X v10.4.7, and later versions, along with Windows XP and Vista. Apple noted in an advisory that by enticing a user to open a maliciously crafted music file, an attacker could trigger an overflow that could crash the application or enable him to remotely execute arbitrary code. The update patches the flaw by performing proper bounds checking, according to Apple.

The company gave credit to David Thiel of iSEC Partners for reporting the vulnerability.

On Wednesday, Apple CEO Steve Jobs unveiled the company's latest line of products, including a revamp of the iPod lineup. Part of the media and user hubbub centered around the new iPod Touch, which includes some iPhone features and a touch-screen interface. The new music player cannot act as a phone, but can connect to the Internet through Wi-Fi.

The iTunes 7.4 update will give users the ability to download music over a Wi-Fi connection and even walk into a Starbucks and download the music playing at the time. The update also is designed to enable users to rate videos and play videos with closed captioning.

While both Mac users and Windows users can download the update now, some of the features are not yet ready to rollout, and will begin rolling out this fall.