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Currently, you can gift dollar amounts or individual items (EG. songs) on the iTunes Store. See this article for more information:
In the iTunes Store, you can gift a dollar amount or specific music, movies, TV shows, or apps from your iPhone, iPod touch, iPad, Mac, or PC. Follow these steps to send a gift from the iTunes Store.
iTunes: Sending iTunes Gifts
Thank you so much for responding, but I still don't know if this can be done, because that link tells me what to do in order to gift one item at a time (ie, one song, not an entire playlist), and it doesn't say what to do if the songs have already been purchased.
Do you know if I can gift to someone else an iTunes playlist that exists in my iTunes library? I am willing to pay whatever I have to pay to satisfy the copyright costs of purchasing these songs first for myself and then for my friend, but I just don't know how this can be done, or if at all.