Boy, I didn't see this one coming. The latest version of iTunes, 7.1.1, has been cracked, allowing you to strip off that annoying DRM so you can listen to your legally purchased songs however you'd like.
It can be done using the program QTFairUse6. Unfortunately, it's only available for Windows, so you Mac users are out of luck. You Windows folks interested in unchaining your recent purchases, get to it, as 7.1.2 can't be too far away. It's the circle of life.