Yes, there is truth to it. Apple has been working on a Windows version of iTunes.
This from
Macminute:
Newsweek: iTunes for Windows next month
September 15, 2003 - 11:45 EDT Newsweek reports that Apple has "quietly informed some music insiders that it’s moved up the date for expanding its current Mac-only iTunes [with Music Store] for the vast universe of Windows-based PCs to mid-October."