If any of you guys have been thinking about "why isn't there an iTunes Store for Pakistan?", well your prayers have been answered...
I updated the Itunes on my MB today and to my pleasure found that I can now have an account with iTunes Store. I am checking it out (the store) right now.
So, if anyone of you was also waiting, now is your chance! Go get it
UpDate: At present, only iPhone Applications are available at the Store, but I hope they add Music soon.