Absolutly Jax. My itune is set on France, and in addition to the legal music download ($$$) you will be able to get podcast from UK (radio show, tv programs... free).
I think you can also buy your music from Virgin web site. I can do that from www.fnac.com but it is a french website. Basically, you pay for a quantity of songs and start downloading. Good point, you don't need to buy for the whole CD. Just pick what you like.
and i'm a torrent guy too...