A new application is now available in Apple’s App Store, allowing you to share videos, contacts, photos, music and much more with those who are nearby.

So, if you want to turn your iPhone into a localized, high-speed content server, it’s time to download the LoKast application developed by NearVerse. Discover and share music, pictures and web links with people nearby. It’s like extending the broadcast network phrase; LoKast turns your device into a high-speed, localized content server.

You might think that the application lets you share some pictures and a few contacts or some video. Well I have a surprise for you; the app lets you share all of the content on your iPhone or iPod Touch.

Do you have songs to share? Share them, and others will preview them and then they can download it. Or do you just want to share those high resolution images that you took during your trip to Canada? Share the entire album and not just a picture, or the entire video.

It’s easy. When it comes to web, LoKast features link and featured content sharing, so practically your entire experience can be shared with others who are nearby.

Lokast is available in Apple’s App Store for free.