Have you ever watched a music video in the iTunes Music Store, thought it was cool, and wanted to save it, but couldn’t because of iTMS’s restrictions? The latest toy from Ollie Wagner (of Ollie’s Tab fame) and Anton Kiland solves this annoyance. It is a web-based service called iTMS Extractor, based on an earlier Mac OS X application of the same name that allows users to save music videos from the iTunes Music Store to their hard drive.

The iTMS Extractor provides a unique experience for users who frequent the ‘Music Videos’ section of the iTunes Music Store. The difference from browsing via the iTMS itself lies in our exclusive download function which allows the user to easily save music videos directly to their computer rather than stream them. In addition, we provide a direct link to the iTMS just in case you get an impulse to buy a song.

The service is still in beta so it may contain some bugs. Also, a limited amount of “invite codes” will be distributed via lottery during the beta stage. Users can enter to try the new service by visiting the iTMS Extractor web site.

TAKE NOTE: there is a php error that comes up after entering your email address for the raffle. I have contacted the developer and he says that entries are getting to them regardless. In other words, the bug is not impacting your entry into the contest; it only impacts the confirmation page that you see.

UPDATE: The error is fixed.