You can "gift" (give as a gift) most content from the iTunes store to another person. This includes not only music, but also movies, TV shows, audio books and iPod games. (Currently you cannot gift items from the App Store.)
To gift content, look for the dropdown arrow to the right of the Buy button. The first option is Gift This. For music you can gift a single song or an entire album.
Once you click the "Gift..." button, you are given two choices:
Send the gift by email. The recipient receives your email that contains a "Redeem" button. Once they click on the Redeem button the item downloads automatically into iTunes.
Print the gift as a certificate. The certificate contains a Redeem Code that is redeemed in the iTunes Store like a gift card.
Note these considerations when gifting iTunes Store content:
Gifts can only be redeemed in the store country from which they were originated. In other words, if you gift a song from the US iTunes Store it can only be redeemed at the US iTunes Store.
You can only pay for gifted content with the credit card attached to your iTunes account. You cannot use store credit for gifting.
Your credit card is charged immediately for the gift, not when it is redeemed.
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