Update: Having spoken to reps at Ableton, it’s clear the iPad, which uses the same OS as the iPhone, will not run their software. It is unlikely that other music programs would run for the same reason. So, who is going to build the first high-functioning music software for the iPad?

In case you’ve been living under a rock, Steve Jobs announced the release of the iPad this morning in San Francisco. Details are coming so fast, we recommend you just keep hitting refresh on Gizmodo every 15 seconds. But what we want to know is, will the iPad stable enough to run Traktor? Serato? Ableton Live? If the answer’s yes, than the DJ booth just became a much cooler place.