Not sure why you would want to set up a separate AppleID? If you set up a new one, then you will have to still keep your old one for updating any apps you purchased under that old ID. If you are wanting to set up a new ID because you now have, say a new @me.com email address, and want to use that as your AppleID, then you can do that, but, again, you will still have to use your old ID's password to update any Apps you purchased under that one.
If you do end up setting up a new ID, then it would be a good idea to try to keep the passwords for both IDs in sync. Then, when you have to enter one to do an update, you won't have to worry about which ID it is, since the password will be the same.
You will not need new iTunes software - you just sign off your old ID, and sign on with your new one.
Hope this helps!
Let me know if you have any other questions!
It's a bad idea to be switching between Apple IDs as you'll just end up locking one of them for 90 days.
Why do you want to create a new one?
Just use the same one from your iPod, and you'll be able to download all your content.
If you need to change the email used in your apple id you can do so from http://appleid.apple.com
This way you keep all the purchases.
I have an existing ipod with an ID which I have purchased songs and books. I have purchased an I pad and am ready to set up an ID.
Can I set up a separate ID for the I Pad ? Does this require a new I tunes software? Can I transfer existing purchases from my I existing ID ?
The I tunes software is on Windows 7 Professional .
If the PC, the iPod and the iPad use different iCloud ID's then the contacts/calendars etc will not sync between the various devices, and any purchases made with 1 ID will not be transferable to the other.