FairGame joins a long list of tools (JHymn,QtFairUse6,…) that have allowed you to un-drm songs purchased from the iTunes music store. Yes it even works with iTunes version 7 (for now).
http://seidai.50webs.com/Seidai Software.html
It uses iMovie scripting to extract the audio from the DRM, and as such is a Mac only solution; but a solution at all is better than none.