Apple has approved Real Networks’ Rhapsody application for the iPhone and iPod touch. The new app will allow subscribers of the Rhapsody service to queue songs from the service’s 8 million tracks, and create custom playlists that will stream directly to their device over cellular or Wi-Fi connections at 64 kilobits per second. New users will have a seven-day trial period before needing to sign up for a $15 a month subscription; Real Networks…