Even though LimeWire recently lost to the RIAA and still faces lawsuits from numerous music publishing companies, the group behind the notorious P2P program is already planning a legal re-launch. The new LimeWire will function as a cloud-based program that for a subscription fee, will allow users to stream and download apps and media with a number of different devices. It will even play a user’s iTunes and automatically sync any new downloads to iTunes as well.

“Users will have complete and instant access to their entire library and catalog across their desktop, devices, and in the cloud,” an anonymous company executive said. “By syncing iTunes playlists and content to the cloud, users’ existing libraries are available to access and stream to a wide range of connected devices.”

Although the company faces a bevy of lawsuits ahead, sources says many label executives are supporting the re-launch, which is planned for a late 2010 release.