Apple has launched a countdown for 1 Billion iTunes Music Songs purchased.

For every 100,000th download, the lucky user will receive a 4GB Black iPod Nano with a $100 iTunes voucher. The grand prize winner that is lucky enough to download song number one billion will bag a 20″ iMac, 10 60GB Video iPods (5 white, 5 black) and $10,000 worth of iTunes downloads (suitable for music and video). Also, Apple will create a full-ride scholarship in the winner’s name to a world-renowned music school.

How cool is that? iTunes Billion Songs Countdown – As of this post it was at 965,856,800.