I came across this sofware called Avotmv it's a mobile application on the iphone/itouch it can play videos from CNN, ESPN, You Tube and My Space, the link to the site is  http://avotmv.com (from phone browser) - it's also listed at Staff pick solution at Apple's official application list http://www.apple.com/webapps/entertainment/avotmv.html

D HA HA !!! well I guess I'll wait untill itunes comes up with something

Iphone unlike ipods doesn't work with speakers and I'm sorry to drop the bomb on you but that's how it is