Web entrepreneur Kevin Rose, creator of Digg.com and Revision3, has gotten his hands on an early beta version of the Qik iPhone app. Qik.com is a website that records live video streams sent from mobile phones and other Internet-connected devices. Basically, if you’re out on the town, you can turn your life into a YouTube reality show, except it’s on Qik.com.

The app has not been approved yet in the app store. Whether Apple will approve a video recording app is very questionable, as it would seem logical that others would have tried by now and not succeeded.

Video recorded with the Qik app does not save locally. It requires a 3G or WiFi connection to save the data to Qik’s servers. It also supports live chat and GPS location to tag your videos. One cool feature is that you can tell it to reveal only a certain level of your location, for instance, only the name of the city you’re currently in.

*1-04-09 Update* Qik Live is now available in the App Store as a free download.