Source code for an application called
Playfair has been released.
The application takes protected AACs from the iTunes Music Store and decrypts them into unprotected AACs. From the site:
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It takes one of the iTMS Protected AAC Audio Files, decodes it using a key obtained from your iPod or Microsoft Windows system and then writes the new, decoded version to disk as a regular AAC Audio File. It then optionally copies the metadata tags that describe the song, including the cover art, to the new file.
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According to reader feedback, the application does work as described, allowing owners of purchased songs to convert their Protected AACs into UnProtected AACs. Due to the key-based system, users are not able to decode protected AACs from other individuals.
The application is presently only available as source code and requires compilation.