As many of you are aware, Napster, the name that launched a thousand lawsuits, targeted an advertised-laden attack at Apple’s ultra-successful iTunes music service.

Apple is cool. The iPod is cool. iTunes is cool. Now Napster has joined that crowd. So what does that make Napster … well … cool, of course.

Napster, once the most recognizable names in music downloading, is preparing to challenge the current music download king Apple’s iTunes.

Napster has launched what it bills as the world’s first portable music service. The service is called Napster To Go.

Napster is set to begin trading on Nasdaq under its new ticker “NAPS” after opening the exchange in a ceremony at the Nasdaq MarketSite in Times Square.

Apparently, downloadable music for mobile phones is becoming an item of considerable interest. Apple and Motorola have solidified a deal that would allow songs from iTunes to be downloaded and played on compatible phones. Recently, Napster announced they would also be offering downloadable ringtones from their service.

Thanks two a partnership with Dwango Wireless; the new Napster is prepared to enter the mobile technology realm. But this time, it’s not for illegal mp3s. Napster and Dwango will be developing Napster Mobile, a service that will offer downloadable ringtones.