It’s been a while since we’ve seen a major update concerning iLife, which makes it that much easier to believe this new rumor that it’s coming in August. Not just that, but it’s also said to have a brand new application. The rumor also declares the death of the iDVD, improvements to iPhoto Faces and Places, a totally renewed iWeb, and more. Jump past the break for details (and our thoughts, of course).

Want to create your very own iTunes LP? If The Boy Genius Report’s source is to be trusted, it sounds like you’ll have the tools to do so in the next version of iLife. The rumor states that, among other complete overhauls in the iLife suite, iDVD will have the tools to create your own iTunes LP, and then submit it to Apple. These tools are supposed to come with what we can tentatively refer to as iLife 2010.