At a special media event on Tuesday, Apple previewed a string of new and impressive iPhone OS features, including Cut and Paste, MMS, voice memos and support for turn by turn directions.

The 3.0 update will be available this summer, and will be free to all 3G customers. Registered developers can download it starting today from iPod Touch users, as usual, will have to pay $9.95 for the upgrade.

Apple also said its 3.0 operating system for iPhone would support automatic alerts of items such as a sports result or the arrival of an instant message.

Apple highlighted the success of its App store as over 800 million iPhone applications from its store from across 8- countries where the phone is sold.

Apple shares closed up $4.24 or 4.44 percent at $97.35 on the Nasdaq.

This is what the new iPhone 3.0 software update will include:

Cut and Paste - Digg founder Kevin Rose’s was correct when he predicted this feature at the SXSW last week. Users double tap on text, which then brings up a selection box that users can slide over the desired area. From there, they are given the option to cut, copy, or paste.


Push Notifications

No Background Processes

Turn by Turn Directions

App subscriptions for interested developers

Peer to Peer connectivity

Universal Search

Landscape Mode for all Apps

Voice Memos