Can you split one iTunes account into Multiple?

So with the iCloud announcement yesterday, I'm re-thinking how me and my family has been using iTunes. My wife and I both have iPhone 4's, both have iPads, and both have iPods. One our our girls has an iPod as well. We have all been using one iTunes account for purchasing movies, books, music, apps, etc. With the iCloud, I really don't want to see Sponge Bob apps, etc.. always show up as available to be pushed to my phone or other devices.

So my question is, is there a way to create a new iTunes account name and import purchases (music, apps, movies) that have been made under my original iTunes account name? I would need to parcel out these purchases from one iTunes account to at least 3 new iTunes account names. Does anybody have any experience doing this? I'd hate to have to re-purchase everything in the new iTunes account profiles. Thanks.

 

r0k-

Thanks for the quick reply. I am seeing SpongeBob, etc show up in my list already when I click on the App Store icon on my phone. They are showing as available to download, but they are not, as you said, being downloaded automatically. I would simply prefer not to even "see" what apps, etc. that I know I wouldn't put on any of my specific devices. Just the shear differences in the tastes of music from me to my wife to our girls makes me shutter at the possibility of having to Kesha on my devices. It gives me a headache just thinking about it!!

 

Please Please Please, has anyone had experience with splitting one itUnes account out into multiple? Is this even possible? I sincerely appeciate your feedback.
Thanks in advance!