The next installment in the popular Tap Tap Revenge series, Tap Tap Revenge 3 ($0.99, iTunes link), is now available for download in the iTunes store. Tap Tap Revenge is a highly addictive music game that works much like Guitar Hero or Rock Band. The big news from the latest installment is the ability to make song purchases directly in the app, but there are also other new features including customized avatars, quickplay and game resume.

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We’ve previously reported on some problems with Tap Tap Revenge 2, in which the music and game rhythm go out of sync. We won’t know if that problem has been fixed in this latest version until we can play around with it for awhile.

While you’ll have to pay for Tap Tap Revenge 3, the game still includes more than 130 free songs from artists like Fall Out Boy, Stroke 9 and AFI. The Tap Tap Revenge apps are some of the most popular games on the iTunes store, and that trend is likely to continue with Tap Tap Revenge 3. The game has already hit the top of the paid app list on iTunes.

However, it appears that Tap Tap Revenge 3 may be getting some competition in the near future — Macworld reports that Rock Band will be debuting its own iPhone app at the end of October.

Tap Tap Revenge 3 is a $0.99 download at the iTunes App Store.